C3.ai bumps up annual sales gu-To The Moon - Tiger Brokers Online Investing Community - To The Moon

C3.ai bumps up annual sales guidance on higher customer engagement, stock +15% after hours$C3.ai, Inc.(AI)$

Class A shares of C3.ai (AI) jumped after the enterprise software company bumped up its annual revenue guidance as more customers signed up to use its products and solutions.

The Redwood City, Calif.-based firm reported an adjusted loss per share of 13 cents for FQ3 2024 on revenue of $78.4M. Analysts had been expecting a loss of 28 cents per share on sales of $76.14M.

C3.ai (AI) provides software that uses enterprise artificial intelligence (AI), or solutions that apply AI and machine learning to digitally solve problems faced by organizations.

"Customer engagement grew 80% year-over-year. Our significant first mover advantage in Enterprise AI is generating tailwinds as market interest in adopting AI accelerates,” C3.ai (AI) top boss Thomas Siebel said in a statement.

The company closed 50 agreements in the quarter, entering into new deals with names such as medical device company Boston Scientific (BSX), drugmaker AbbVie (ABBV) and telecom firm T-Mobile US (TMUS).

Moreover, C3.ai's (AI) federal contracts continued to show significant strength, with revenue and bookings from federal services up 100% and 85% Y/Y, respectively. The company entered into and expanded upon agreements with agencies such as the U.S. Department of Defense and the U.S. Air Force.

C3.ai's (AI) overall FQ3 subscription revenue rose 23% Y/Y to $70.4M, comprising 90% of total revenue.

Turning to the company's guidance, C3.ai (AI) now sees full year fiscal 2024 revenue of $306M to $310M, up from a prior forecast of $295M to $320M. The consensus estimate is $305.53M. FQ4 revenue is anticipated to be $82M to $86M, versus a consensus of $83.91M.

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