Overview
C3.ai has reported revenue in its latest quarter, exceeding Wall Street’s estimates. This indicates the continued strong demand for artificial intelligence solutions in the market.
Financial Performance
The enterprise artificial intelligence software provider saw a widening of its loss to $72.6 million, or 60 cents a share, for the third quarter ending on Jan. 31, compared to $63.2 million, or 57 cents a share, in the previous year. Adjusted losses were reported at 13 cents per share. Analysts surveyed by FactSet had predicted a loss of 28 cents a share on an adjusted basis. Revenue increased to $78.4 million from $66.7 million, surpassing expectations of $76.1 million.
CEO Statement
Chief Executive Thomas Siebel stated, “Our significant first-mover advantage in Enterprise AI is driving positive momentum as interest in AI adoption continues to grow.”
Forecast
C3.ai has forecasted revenue to be between $82 million and $86 million for the fourth quarter, and between $306 million and $310 million for fiscal 2024. Analysts polled by FactSet had anticipated revenue of $83.9 million for the fourth quarter and $305.6 million for the fiscal year.