C3.ai Stock Rallies 16% Premarket As Results Top Guidance

Tiger Newspress2023-03-03

C3.ai shares surged over 16% in premarket trading as the artificial intelligence software company turned in a better-than-expected fiscal third-quarter report and suggested the more business strength is in the works.

C3.ai said that for the quarter ending January 31, it lost 6 cents a share, excluding one-time items, on revenue of $66.7M, compared to a loss of 7 cents a share, on $69.8M in sales in the same period a year ago.

Sales from subscriptions totaled $57M.

The company's results beat the estimates of Wall Street analysts, who had forecast C3.ai (AI) to lose 22 cents a share, on $64.25M in revenue.

Chief Executive Thomas Siebel said the company's results shows "the overall business sentiment appears to be improving" and C3.ai (AI) is seeing "a dramatic change from what we experienced" in the middle of 2022.

For its fiscal fourth-quarter, C3.ai (AI) estimates revenue will be in a range of $70M to $72M.

The AI market has been the source of widespread attention and investments by some of the world's biggest tech companies of late. On Thursday, Apple (AAPL) reportedly blocked an update to an email app that uses AI technology due to concerns about improper content reaching young children.

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n86887
2023-03-03
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On Thursday, Apple (AAPL) reportedly blocked an update to an email app that uses AI technology due to concerns about improper content reaching young children.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188668551","content_text":"C3.ai shares surged over 16% in premarket trading as the artificial intelligence software company turned in a better-than-expected fiscal third-quarter report and suggested the more business strength is in the works.C3.ai said that for the quarter ending January 31, it lost 6 cents a share, excluding one-time items, on revenue of $66.7M, compared to a loss of 7 cents a share, on $69.8M in sales in the same period a year ago.Sales from subscriptions totaled $57M.The company's results beat the estimates of Wall Street analysts, who had forecast C3.ai (AI) to lose 22 cents a share, on $64.25M in revenue.Chief Executive Thomas Siebel said the company's results shows \"the overall business sentiment appears to be improving\" and C3.ai (AI) is seeing \"a dramatic change from what we experienced\" in the middle of 2022.For its fiscal fourth-quarter, C3.ai (AI) estimates revenue will be in a range of $70M to $72M.The AI market has been the source of widespread attention and investments by some of the world's biggest tech companies of late. 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