UiPath (NYSE:PATH) fell over 30 % in extended trading on Wednesday after the software company announced that Rob Enslin is resigning as Chief Executive Officer, effective June 1.
The company also said that Daniel Dines, founder and former CEO of UiPath, will be re-appointed CEO.
Dines currently serves as Chief Innovation Officer and Executive Chairman of the Board.
Shares of the New York-based company were trading at $12.69 after-hours.
The announcement overshadowed the revenue and profit beat posted by the company for its first quarter.
UiPath posted Q1 adjusted earnings per share of $0.13, which beat consensus by $0.01. Revenue rose 16% year-over-year to $335 million, also beating estimates by $1.99 million.
The company, provides software solutions that help businesses automate routine office activities, powered by robotic process automation and artificial intelligence, saw annual recurring revenue (ARR) rising 21% in the quarter.
“During the first quarter we saw increased deal scrutiny and lengthening sales cycles for large multi-year deals,” said CFO Ashim Gupta.
For the second quarter, the company expects revenue in the range of $300 million to $305 million vs. $342.07 million consensus, while annual revenue is expected to be in the range of $1.405 billion to $1.410 billion, vs. $1.56B consensus.
