To The Moon

UiPath stock lost more than a fourth of its market value Thursday after the company’s current-quarter guidance disappointed.

According to UiPath, revenue in the quarter will be $225 million at most, a 21% year-on-year growth compared to the 39% jump to $290 million in its most recent quarter ended January 31.

The company closed the year with an annualized renewal run-rate or ARR of $925 million. It was 59% higher year-over-year and driven by a record net new ARR of $107 million as more customers looked to automate their processes.

UiPath offers clients an automation platform to help them scale digital business operations.

Adjusted earnings were 5 cents per share, compared with 9 cents per share in the year-ago period.

For the full year, the company expects revenue of around $1.08 billion and ARR of $1.2 billion by the end of January 2023.

In a separate release, the company said Chris Weber, a Microsoft executive with more than 25 years of enterprise software experience, is its new Chief Business Officer. Weber will guide worldwide sales, services, and other go-to-market operations, the company said.