C3.ai shares jumped in late trading Wednesday after the artificial intelligence software company posted better-than-expected quarterly results.
The strong results likely will bolster bulls on the outlook for AI software and service providers.
For its fiscal third quarter ended Jan. 31, C3.ai reported revenue of $78.4 million, up 18% from a year ago, and above the company’s guidance range of $74 million to $78 million.
Subscription revenue was $70.4 million, up 23%. The company posted an adjusted loss from operations of $25 million, narrower than the company’s forecast for an adjusted loss of $40 million to $46 million.
C3.AI shares were up 14.5% in after-hours trading.
“We had a great quarter,” C3.AI CEO Tom Siebel said in a statement. “Our significant first mover advantage in Enterprise AI is generating tailwinds as market interest in adopting AI accelerates.”
On an adjusted basis, C3.ai lost 13 cents a share in the quarter, narrower than the Wall Street consensus as tracked by FactSet for a loss of 28 cents a share.
For the April quarter, C3.ai sees revenue of between $82 million and $86 million; at the midpoint of the range, that’s about in line with the Street consensus of $83.9 million.
The company sees a non-GAAP operating loss for the quarter of between $43.5 million and $51.5 million, wider than the Street consensus at $37 million.
C3.ai is projecting revenue of between $306 million and $310 million for the fiscal year ending April 2024, with a non-GAAP loss from operations of between $115 million and $123 million; Street consensus had called for $305.6 million in revenue and a loss from operations on an adjusted basis of $125.8 million.
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