UiPath climbs after FY forecast raise, upsized share buyback

UiPath

06/09/2024 11:49

** Shares of enterprise automation and AI software company
UiPath  PATH.N  rise 8% to $13.80 premarket
    ** UiPath raises FY revenue forecast to $1.420 bln-$1.425
bln from $1.27 bln-$1.27 bln earlier, above analyst estimates of
$1.41 bln
    ** Raises FY adj. operating income forecast to $170 mln from
$168 mln
    ** Co also announces plan for additional share repurchase of
$500 mln
    ** Q2 revenue and profit top estimates
    ** PATH delivered much-needed stabilization in Q2 - TD Cowen
    ** Uncertainty persists on demand and sustainable growth
outlook, as does execution risk on its restructuring program,
but a more confident posture from management and incremental
$500 mln repurchase are apt to be well-received - TD Cowen
    ** Stock has nearly halved in value so far this year

 (Reporting by Medha Singh)
 ((medha.singh@thomsonreuters.com))