The Clap
Shares of software company UiPath (NYSE: PATH) fell 24% after announcing weak forecasts for Q1-2023.
The forecasts
The company expects revenue for Q1-2023 to be between $223 million & $225 million, a little short of analysts’ expectations. Forecasts for the full fiscal year also came a little shorter than analysts were expecting.
He added that the company operates in Russia and other countries in Eastern Europe.
Why this matters
UiPath makes robotic process automation software & has operations in Russia as well as Eastern European countries.
UiPath’s CEO said, “it is prudent at this time to factor both our European exposure and go-to-market leadership transition into the financial outlook we are providing this afternoon.”
