UiPath Inc. (PATH) shares soared more than 25% on Friday after a third-quarter earnings report that handily beat 🅘analyst expectations.

With Friday's post-earnings gains, PATH stock has doubled in price this year, advancing to Friday's high of more than $25 from trading around $12.30 on Jan. 3.

Revenue of $326 million and annual recurring revenue (ARR) of $1.38 billion were both up 24% year-over-year in the latest quarter. Even though total 澳洲幸运5官方开奖结果体彩网:operating expenses increased by $45 million from the year-ago quarter, gross profit rose by $56 million. Overall, net losses narrowed to 6 cents per share fro🔜m 10 cents in the 2022 quarter.

In the third quarter, UiPath launched a number of AI-enabled services on its platform. Those include new features for existing AutoPilot services as well as broader cross-platform connectivity options. Much of UiPath's financial success this year has been due to its leadership in the use of AI, according to an inaugural IDC MarketScape industry report.

"In our most recent platform release, 2023.10, we delivered scores of new capabilities that seamlessly translate the potential of AI into tangible action, accelerate productivity, spark innovation, and drive business outcomes for our customers," UiPath co-founder and Co-Chief Executive Officer (CEO) Daniel Dines said in a prepared statement Thursday.

Demand for AI products was also a significant revenue driver in 澳洲幸运5官方开奖结果体彩网:UiPath's September earnings report for the second quarter.

Looking to the fourth quarter, UiPath predicts revenue between $381 million and $386 million and ARR around $1.45 billion.