Shares of C3.ai Inc. initially skidded about 8% in extended trading Wednesday after the AI stalwart reported quarterly results.
“We are experiencing strong traction with our enterprise AI applications and especially C3 Generative AI,” C3.ai Chief Executive Tom Siebel said in a statement announcing the numbers, which were in line with analyst estimates.
C3.ai
AI,
reported a fiscal first-quarter net loss of $64.4 million, or 56 cents a share, compared with a net loss of $71.7 million, or 67 cents a share, in the year-ago quarter. Adjusted earnings came in at a loss of 9 cents a share.
Revenue was $72.4 million, compared with $65.3 million a year ago.
Analysts surveyed by FactSet had expected on average a net loss of 17 cents a share on revenue of $71.6 million.
The company forecast second-quarter revenue guidance of between $72 million and $76.5 million, eclipsing FactSet’s mean estimate of $73.8 million.
C3.ai’s stock has skyrocketed 181% this year, while the S&P 500
SPX
has gone up 16%.
On Wednesday, C3.ai announced the launch of the first domain-specific generative-AI offerings across industries, business processes and enterprise systems.