In this Cloud Wars Horizon Minute, episode 77, Tom Smith puts the latest financial results of UiPath in context.
Highlights
00:15 — UiPath, the big automation software provider, joined the ranks of those delivering revenue and earnings above expectations, and raising its forward-looking guidance, despite challenging economic factors
00:53 — Its continued strength shows that customers are still investing in technology that is deemed most strategic and that can quickly impact top and bottom line performance.
01:15 — For its third fiscal quarter of 2023, the company revenue grew 19 percent year over year to $262.7 million. Annual recurring revenue, or ARR, grew 36% to $1.11 billion. Earnings of 5 cents per share dramatically exceeded estimates of 4 cents per share of loss.
01:46 — Co-CEO Rob Enslin cited growth in sales to larger customers as a key contributor: the total number of customers delivering ARR over $100,000 grew to over 1,700, which includes over 200 customers at over $1 million.
02:45 — Enslin said the company is seeing particular success in healthcare, telecommunications, and federal government verticals and said UiPath is aligning sales teams around verticals like healthcare and financial services. He also noted that the company is increasingly focused on selling to the C-Suite, with a particular focus on the CIO.
More UiPath and Automation Insights:
- Cloud Automation Software, Laser Focus on Customers Keep UiPath Growing
- UiPath Co-CEO Rob Enslin on Helping CIOs Drive Automation and Sustainability Outcomes
- Cloud Wars Horizon Demo Day: Focus on Automation & AI
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