C3.ai Reports Strong Performance and Record Revenue
C3.ai Inc. surpasses market expectations with strong quarterly results, reporting record revenue and an improved net loss. The company also announces exciting new generative-AI offerings.
Shares of C3.ai Inc. experienced an initial drop of approximately 8% in after-hours trading following the release of their quarterly results. However, C3.ai remains confident in their position as a leading player in the field of artificial intelligence.
In a statement, C3.ai CEO Tom Siebel expressed satisfaction with the company's performance, particularly highlighting the success of their enterprise AI applications, specifically C3 Generative AI. The reported numbers were consistent with analyst estimates.
For the fiscal first quarter, C3.ai reported a net loss of $64.4 million, equivalent to 56 cents per share. This indicates an improvement compared to the net loss of $71.7 million ($0.67 per share) during the same period last year. Adjusted earnings stood at a loss of 9 cents per share.
The company's revenue for the quarter reached $72.4 million, demonstrating growth from $65.3 million recorded in the previous year.
FactSet analysts had anticipated a net loss of 17 cents per share on revenue of $71.6 million, showing that C3.ai outperformed market expectations.
Looking ahead, C3.ai has provided a second-quarter revenue guidance of $72 million to $76.5 million. This projection surpasses FactSet's mean estimate of $73.8 million.
Throughout this year, C3.ai's stock has witnessed an incredible surge of 181%, while the S&P 500 has seen a modest increase of 16%.
Furthermore, C3.ai made an exciting announcement on Wednesday regarding the launch of their first-ever domain-specific generative-AI offerings. These innovative solutions cater to various industries, business processes, and enterprise systems, solidifying C3.ai's commitment to continuous technological advancement and customization.