July 14, 2024
C3.ai Inventory Slides On Q1 Earnings Regardless of ‘Robust Traction’ With AI Functions, New Generative AI Suite

C3.Ai Inc AI reported fiscal first-quarter monetary outcomes Wednesday after the bell. This is a rundown of the report and a take a look at what seems to be driving the motion after hours. 

What Occurred: C3.ai reported first-quarter income of $72.4 million, which beat the consensus estimate of $71.59 million, in line with Benzinga Professional. C3.ai reported a quarterly lack of 9 cents per share, which beat analyst estimates for a lack of 17 cents per share.

“It’s tough to explain the size of the growing curiosity that we’re seeing globally in enterprise AI adoption,” mentioned Thomas Siebel, CEO of C3.ai.

“We’re experiencing sturdy traction with our enterprise AI purposes and particularly C3 Generative AI.”

C3.ai sees fiscal second-quarter income within the vary of $72 million to $76.5 million versus estimates of $73.81 million. The corporate expects full-year income to be between $295 million and $320 million versus estimates of $308.2 million.

C3.ai additionally introduced the launch of C3 Generative AI Suite, which options 28 domain-specific generative AI choices. The AI options could be operated on the client’s platform of selection together with, AWS, Google’s Cloud platform and Microsoft Azure. 

“The market curiosity that we’re seeing in C3 Generative AI is staggering. The addressable market is unknowably giant and seems to greater than double our Enterprise AI market alternative,” Siebel added. 

Administration will maintain a convention name to debate these outcomes at 5 p.m. ET.

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AI Value Motion: C3.ai shares had been down 3.85% after hours at $30.25 on the time of publication, in line with Benzinga Professional.

Photograph: Alexandra_Koch from Pixabay.

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