UiPath beats revenue expectations in Q3

UiPath, the automation software provider, has announced results for Q3 2022 ended 31 October 2021, revealing a 50 percent year-on-year increase in revenue to $220.8m.

The company reported annual recurring revenue (ARR) of $818.4m – a 58 percent year-on-year in increase – and net new ARR of $91.9m, an increase of 42 percent compared to the same period last year.

Daniel Dines, UiPath co-founder and CEO, said: “Our continued growth at scale was driven by customers across verticals and geographies who recognise that the power of automation not only increases efficiency, but also drives revenue growth and creates a significant competitive advantage. This increasing awareness of the power of our end-to-end automation platform coupled with strong execution by our team resulted in fiscal third quarter ARR of $818m, an increase of 58 percent year-over-year. Automation is essential to digital transformation and UiPath is leading the way with our vision to deliver the fully automated enterprise where companies use automation to unlock creativity and the full potential of every worker.”

Ashim Gupta, UiPath CFO, added: “I am pleased with our third quarter fiscal 2022 results as ARR grew 58 percent and trailing twelve-month revenue grew 57 percent year-over-year, once again demonstrating our market leadership. Looking ahead, we expect that the innovation we are delivering in UiPath 2021.10, our most recent platform release, coupled with investments in our teams and strategic partnerships will further accelerate customer success and platform adoption. Our focus continues to be on driving long-term, durable growth as we believe that we have the unique opportunity to build a truly multi-generational company.”

For Q4 2022, UiPath expects revenue in the range of $281m to $283m, and ARR in the range of $901m to $903m as of 31 January 2022.