C3.ai's stock falls 8% despite solid quarter and guidance
By Jon Swartz
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.
-Jon Swartz
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
09-06-23 2017ET
Copyright (c) 2023 Dow Jones & Company, Inc.-
Is It Time to Ditch Your Money Market Fund for Longer-Term Bonds?
-
What’s Happening In the Markets This Week
-
4 Reasons Why Today’s Stock Market Is Delivering Impressive Performance
-
What Does Nvidia’s Stock Split Mean for Investors?
-
5 Undervalued Stocks to Buy as Their Stories Play Out
-
Markets Brief: Return of the Meme Stocks
-
It’s Been a Terrible Time for Bonds. Here’s Why You Should Own Them
-
Which AI Stocks Are Turning Hype Into Revenue?
-
Tesla: Shareholder Vote Reduces Key Person Risk
-
After Earnings, Is CrowdStrike Stock a Buy, a Sell, or Fairly Valued?
-
Adobe’s Strong Quarterly Results Drive Share Gains
-
What Does Broadcom’s Stock Split Mean for Investors?
-
5 Ultracheap Stocks to Buy With the Best Returns on Investment
-
Broadcom Earnings: AI Sales Growth Accelerates
-
Oracle Earnings: IaaS Signings More Than Make Up for Miss
-
This Undervalued Stock Is a Buy After Its Dividend Increase