In a call for investors and media reviewing its Q2 2024 earnings, UiPath reported it posted a net quarterly profit of $.09 per share, exceeding Wall Street expectations of $.02 per share and up from a loss of $.02 per share during the same quarter last year. UiPath executives discussed the results and the future of the company during the Sept. 6 conference call.
“I want to be clear,” Co-CEO Rob Enslin said to listeners, “we feel good about the business and the role automation plays in digital transformation. We continue to execute against our strategic initiatives and there is a nice pipeline building as we move into the second half of the year.”
Year-over-year revenue increased nearly 20 percent for the New York City-based intelligent automation technology provider, rising to $287.3 million in Q2 2024.
While Enslin called the macro conditions for the industry “variable,” he said the company is pleased with its execution and, along with Co-CEO Daniel Dines, believes its AI-based automation platform will keep it top of mind in the C-Suite. He also warned investors not to be swept away by the hype surrounding generative AI—it should be leveraged, but is only one AI solution included in the UiPath platform.
“AI has been an integral part of our platform since inception, starting with our original core capability, Computer Vision, which allows software robots to see and understand screens. Today our entire platform is infused with AI and we are at the cutting edge of the quickly evolving intersection of AI and automation,” Dines said during the call. “To be effective, Generative AI needs context, which our software robots can deliver by gathering information from across the enterprise—in data, documents, CRM, ERP, and beyond. It also needs our platform to take action and operationalize the promise of AI today with an integrated set of capabilities that combines our Specialized AI with Generative AI.”
The company also revealed during its earnings call that it will initiate a $500 million stock repurchase program it says indicates confidence in ongoing cash flow generation, and strength in its balance sheet.
