UiPath slumps on revenue forecast miss, CEO replacement
30/05/2024 10:42
** Shares of enterprise automation and AI software company
UiPath PATH.N fall nearly 30% to $12.97 premarket
** Co sees FY25 revenue between $1.405 bln - $1.410 bln,
below analysts' expectations of $1.49 bln as per LSEG data
** Q1 adj. operating income was $50 mln, missing estimates
of $53.7 mln, but revenue beats estimates of $333 mln
** PATH to re-appoint Daniel Dines as CEO, replacing Rob
Ensulin effective June 1, 2024
** Barclays views Q1 results as "a significant step
backwards" and speculates "CEO departure and lower forward
guidance will raise questions about what is going on"; cuts PT
to $16 from $25
** At least five brokerages have cut PT on stock
** Nine of 24 brokerages rate the stock "buy" or higher and
15 "hold"; their median PT is $27 - LSEG
** As of last close, PATH stock had fallen 26.3% YTD
(Reporting by Nikhil Sharma in Bengaluru)
((nikhil.sharma@thomsonreuters.com))