Published: February 28, 2024 at 4:37 PM ET
Shares of C3.ai Inc., which makes artificial intelligence software for enterprises, soared in late trading Wednesday after the company reported a smaller-than-expected loss in its most recent quarter.
The company reported a net loss of $73 million, or 60 cents per share, for the fiscal third quarter, compared with a loss of $63.2 million, or 57 cents per share, in the year-ago period. On an adjusted basis, C3.ai AI lost 13 cents per share, while analysts were modeling an adjusted loss of 28 cents per share.
C3.ai…
Shares of C3.ai Inc., which makes artificial intelligence software for enterprises, soared in late trading Wednesday after the company reported a smaller-than-expected loss in its most recent quarter.
The company reported a net loss of $73 million, or 60 cents per share, for the fiscal third quarter, compared with a loss of $63.2 million, or 57 cents per share, in the year-ago period. On an adjusted basis, C3.ai
A.I.
lost 13 cents per share, while analysts were modeling an adjusted loss of 28 cents per share.
C3.ai's revenue was $78.4 million, up from $66.7 million in the year-ago quarter, while analysts had expected $76.1 million.
“Our significant first-mover advantage in enterprise AI creates tailwinds as market interest in AI adoption accelerates,” CEO Tom Siebel said in a release.
The company said it “continues to diversify across industries,” with 29% of bookings coming from state and local governments and 25% of bookings coming from federal, defense and aerospace customers in the latest quarter. It is said that
C3.ai announced that it signed 50 contracts in the most recent quarter, including 29 new pilots.
Shares rose 13% in after-hours trading Wednesday.
For the fiscal fourth quarter, C3.ai models revenue of $82 million to $86 million, compared to the FactSet consensus of $83.9 million.