(UiPath) Shares of UiPath fell more than 24% on Thursday after guiding a revenue of $223 million to $225 million in the first quarter of 2023.
The guided revenue in the first quarter of 2023, fell short of the fourth quarter of 2022 revenue of $289 million, which rose 39% from the prior year.
UiPath announced an accounting rate of return of $925.3 million in the fourth quarter, up 59% year-over-year. The company expects ARR to range between 960 million to $965 million in the first quarter of 2023.
GAAP gross margin was reported at 86% in the fourth quarter, while the non-GAAP gross margin came at 88%.
For FY22, UiPath announced a revenue increase of 47% from the prior year to $892.3 million. Net new ARR came at $344.8 million, up 51% year-over-year.
The company guided revenue of between $1.075 billion and $1085 billion in FY23 and ARR in the range of $1.2 billion and $1.21 billion.
PATH: NYSE is down -24.45%.
