AI software company's CEO says 'successful refocusing of our sales organizations' helped drive results
Shares of C3.ai Inc. were headed lower in after-hours trading Wednesday, though the maker of artificial-intelligence software reported better-than-expected revenue and earnings results and raised its outlook for the full fiscal year.
The company posted a fiscal third-quarter net loss of $39.4 million, or 38 cents a share, compared with a loss of $16.9 million, or 23 cents a share, in the year-prior quarter.
C3 AI $(AI)$ recorded an adjusted loss per share of 7 cents, whereas it saw a 13-cent adjusted loss per share in the year-earlier period. Analysts tracked by FactSet were anticipating a loss of 26 cents a share on the metric.
Revenue increased to $69.8 million from $49.1 million a year ago, while the FactSet consensus was for $67.2 million.
"These results were driven by substantially increased sales momentum due to the successful refocusing of our sales organizations, expanded customer count, increased industry diversification for our AI products and the further recognition of our technology leadership in this industry," Chief Executive Thomas Siebel said in the release.
The company said it was increasing its full-year revenue outlook to $252.0 million. That compares to the full-year revenue forecast of $248 million to $251 million that C3 AI gave during its prior earnings report. The FactSet consensus was for $249.6 million in revenue.
The shares were off 2.87% in after-hours trading Wednesday. They've lost about 25% over the past three months as the S&P 500 has declined 2.8%.
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