UiPath Inc. stock rose sharply in after-hours trading Wednesday after the company’s fourth-quarter, full-year results and outlook exceeded Wall Street’s expectations. UiPath
PATH,
+1.95%
shares climbed about 15% after hours, after an almost 2% increase in the regular session to close at $14.64.
The automation-software company had “a very strong fourth quarter, reflecting the progress we have made on our strategic initiatives and the strength of our AI-powered business automation platform,” co-Chief Executive Rob Enslin said on the company’s conference call with analysts. Enslin added that the company “closed a record number of deals over $1 million.” UiPath reported a fourth-quarter net loss of $27.7 million, or 5 cents a share, compared with $63.1 million, or 12 cents a share, in the year-ago period. Adjusted for stock-based compensation, restructuring and other costs, earnings were 15 cents a share. Revenue rose to $308.5 million from $289.7 million in the year-ago quarter. The annualized renewal run rate rose 30% to $1.2 billion year over year. Software-as-a-service companies use ARR to show sales expectations based on subscriptions, and Enslin said the company now has 229 customers with $1 million or more in ARR, and 1,785 customers with $100, …