C3.ai raises full-year earnings outlook, but shares fall
Shares of C3.ai Inc. were down in after-hours trading on Wednesday, although the artificial intelligence software maker reported better-than-expected earnings and results and raised its outlook for the whole some exercice.
The company posted a third-quarter net loss of $39.4 million, or 38 cents per share, compared with a loss of $16.9 million, or 23 cents per share, in the prior quarter.
C3 AI AI,
posted an adjusted loss per share of 7 cents, compared to an adjusted loss per share of 13 cents in the prior year period. Analysts tracked by FactSet were anticipating a loss of 26 cents per share on the metric.
Revenue rose to $69.8 million from $49.1 million a year ago, while the FactSet consensus was $67.2 million.
“These results were driven by significantly increased sales momentum through the successful refocusing of our sales organizations, increased customer base, increased diversification of our AI products and recognition of our technology leadership. in this industry,” Chief Executive Thomas Siebel said in The Release.
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The company said it was increasing its full-year revenue outlook to $252.0 million. This compares to the full-year revenue forecast of $248 million to $251 million that C3 AI gave in its previous earnings report. The FactSet consensus was $249.6 million in revenue.
The shares were down 2.5% in after-hours trading on Wednesday. They have lost around 25% over the past three months as the S&P 500 SPX,