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UiPath (PATH) sells software that brings AI agents, robots, and people together to run business processes. Its Q2 FY2027 results beat management's guidance and the fiscal 2027 outlook went up, yet the shares fell 16.6% on September 4, the first trading day after the report, while the S&P 500 slipped 0.4%. The earnings call also carried an analyst's question about a new AI model said to be far better at workflow jobs.
The recurring business kept improving. ARR, the subscription run-rate UiPath manages by, reached $1.938 billion, up 12%, and the $37 million added in the quarter topped the $31 million added a year earlier. Dollar-based net retention rose to 109%, so customers from a year earlier now carry 9% more ARR, net of cutbacks and cancellations.
Profit and the outlook moved with it. Revenue was $410 million, up 13%, and non-GAAP operating income reached $89 million, a 22% margin. Management raised its fiscal 2027 non-GAAP operating income target to about $445 million from $430 million, and lifted the fiscal 2027 revenue guide to about $1.79 billion from a prior guide of about $1.78 billion.
Adjusted free cash flow was softer, at $31 million against $45 million a year earlier, which management tied mainly to the timing of tax-related payments. The reported figures leave the analyst's AI question open.