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Why UiPath Stock Dropped Today

·2 min read
Why UiPath Stock Dropped Today
In this article:
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Shares of UiPath (NYSE: PATH) fell 9.6% on Wednesday, following the release of the automation software leader's fiscal 2022 second-quarter results. UiPath's customer base grew to over 9,100 by the end of the second quarter, up from roughly 8,500 in the first quarter. In turn, UiPath's annualized renewal run-rate (ARR), a key metric for software companies that essentially estimates subscription-based revenue for the coming year, soared 60% to $726.5 million.