UiPath shares were dropping around 16% in overnight trading.

Shares of UiPath Inc. fell sharply in overnight trading after the business-automation software platform forecast sales for the year ahead that came in below Wall Street's expectations, citing higher "global macroeconomic uncertainty" over the past several weeks.

Management delivered the forecast as the company makes a bigger bet on so-called agentic artificial intelligence - or AI-based digital "laborers" that can conduct tasks alongside humans - that some analysts expect to be more widely adopted this year.

UiPath (PATH) said that for the fiscal year ahead, it expected sales of $1.525 billion to $1.53 billion. That came in below FactSet analyst forecasts for $1.58 billion. The company's fiscal year runs through January.

For the first quarter, UiPath said it expects sales of $330 million to $335 million. Analysts polled by FactSet forecast $367.5 million.

"Over the last several weeks, we have seen increasing global macroeconomic uncertainty, particularly in the U.S. public sector, and this uncertainty is reflected both in our fiscal first quarter and full-year 2026 financial outlook," Ashim Gupta, the company's chief operating and financial officer, said in a statement.

UiPath's stock drop Wednesday follows one last month from Salesforce Inc. - another company leaning into agentic AI - after its own forecast fell short of Wall Street's estimates and the company said those agents would likely only make a "modest" sales contribution this year.

The tech industry has spent billions on AI development over the past two years, but some analysts have begun to worry more about the when that spending will deliver stronger returns. Meanwhile, President Donald Trump's trade battles with other nations have spooked markets.

UiPath develops computer-vision technology, and its platform also allows its customers to incorporate AI into its operations to automate tasks like reading emails, filling out forms and updating databases, according to its annual report. The company on Wednesday also said it acquired Peak, a U.K.-based AI company that helps businesses manage inventories and pricing.

"Now as part of UiPath, Peak's solutions can scale globally and reach new industries, allowing customers and stakeholders the opportunity for continued growth and innovation," UiPath said in a statement.

"In turn, Peak's focus on accelerating AI adoption in sectors like retail and manufacturing will enable UiPath to accelerate market growth and deliver vertical-oriented, next-generation AI-driven agentic applications with intelligence powered by [large language models]."

For its fourth quarter, UiPath reported $424 million in sales, up 5% year over year but below analyst forecasts for $425.1 million. The company reported adjusted earnings of 26 cents a share, above estimates for 20 cents a share.

"As we enter fiscal-year 2026, we are focused on continuing to innovate across our agentic roadmap, helping our customers derive value from their investments, and continuing to drive operational rigor across the organization," Chief Executive Daniel Dines said in a statement.