UiPath's stock fell 34% after projecting second-quarter revenue between $300 million and $305 million, below analysts' expectations of $342.3 million.
"While our revenue and operating margin guidance are impacted by contract timing and duration, we have confidence in our ability to generate durable ARR growth at scale, and meaningful non-GAAP adjusted free cash flow," the company's officials said.
Full-year revenue guidance also disappointed.
Additionally, CEO Rob Enslin announced his resignation, effective June 1. Cathie Wood's ARKK purchased 450,000 shares just prior to the drop.
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