Robotics and automation software developer UiPath (PATH) is taking a beating as its stock crashes by over 30% after reporting weak second-quarter guidance and CEO Rob Enslin resigns. Enslin will be succeeded by UiPath’s co-founder and executive chairman Daniel Dines.

Market Domination Anchors Julie Hyman and Josh Lipton comment on UiPath’s sinking share price.

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This post was written by Luke Carberry Mogan.

Video Transcript

Checking in on some of today’s top trending tickers U I pa sinking today as the software company issued some weaker than expected revenue guidance for the second quarter.

Company also announced an executive shake up as Co Rob Enslin is resigning effective June 1st.

It’s being replaced by co founder Daniel Dines who stepped down as co co on January 31st.

So um this one takes a hit today, Julie disappointing forecast, surprise departure in in the C suite.

Uh and of course, Kirk Mur long time tech analyst who knows software as well as anybody in the combination.

There is going to uh not only pressure shares in the near term but likely now throw his path into show me mode for the foreseeable future, did maintain his in line rating but cuts his target to 13 down from 27.

So a big cut says this is a multi quarter process in terms of realigning sales comp and getting back to just steadier ground.

Something that was echoed by William Blair’s Jake Rob who says he downgraded it too and he said it could be a year of transition for the company because of those execution issues.

What does this company do, by the way, it makes uh automation software so like repetitive tasks, it automate those tasks.

And I think, you know, the theme that, that we see emerging today in the companies that we are talking about, whether it’s a sales force, whether it’s Octa is this idea around discipline, around spending from companies.

And so it seems like, you know, this one is sort of macro and micro, it’s stuff that the company is doing and, but it’s also the macro environment is no, it’s really well taken.

I mean, we’re just talking about the sales force, this kind of concern in the enterprise software industry about just this spending pressure from, from corporate customers.

And you’re seeing here again.