C3.ai Q3 Financial Results
C3.ai Inc. experienced a surge in shares during late trading on Wednesday following the release of their fiscal third-quarter results. The company, known for its enterprise artificial-intelligence software, performed better than expected, showcasing significant growth.
Financial Highlights
- Net Loss: C3.ai reported a net loss of $73 million, or 60 cents per share, compared to $63.2 million, or 57 cents per share, in the previous year.
- Adjusted Basis: The company's adjusted loss per share was 13 cents, exceeding analysts' expectations of 28 cents per share.
- Revenue: Total revenue reached $78.4 million, up from $66.7 million in the same period last year, surpassing analyst estimates of $76.1 million.
CEO Statement
Chief Executive Tom Siebel expressed optimism about the company's performance, stating that their early entry into the enterprise AI market has positioned them for success as interest in AI adoption grows.
Industry Expansion
C3.ai continues to expand its reach across various sectors, with 29% of bookings coming from state and local governments and another 25% from federal, defense, and aerospace clients. The company closed a total of 50 agreements in the latest quarter, including 29 new pilot programs.
Future Outlook
Looking ahead to the fiscal fourth quarter, C3.ai anticipates revenue between $82 million and $86 million, with positive momentum carrying forward from their strong Q3 results.
Shares of C3.ai saw a 13% increase during after-hours trading on Wednesday, reflecting market confidence in the company's growth trajectory.
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