By Kailyn Rhone
C3.ai narrowed its loss in the second quarter as sales rose due to higher subscription revenue.
The artificial-intelligence software company posted on Monday a loss of $66 million, or 52 cents a share, compared with a loss of $69.8 million, or 59 cents a share, in the same quarter a year ago. Analysts polled by FactSet expected a loss of 60 cents a share.
Shares climbed 16% to $48.48 in after hours trading.
Revenue rose 29% to $94.3 million, above the company's previous guidance and topping the $91 million analysts forecast, according to FactSet.
Subscription revenue was up 22% to $81.2 million from the year-ago quarter, but missed analysts expectations of $80.2 million.
The Redwood City, Calif.-based company said its Microsoft strategic alliance will accelerate its adoption of enterprise AI and continue to drive growth.
C3.ai expects to see third quarter revenue between $95.5 million to $100.5 million, in line with the $97.6 million analysts expected.
For the full year, the company expects to see revenue between $378 million to $398 million, which brackets analysts' expectations of $382.6 million.
Write to Kailyn Rhone at kailyn.rhone@wsj.com
(END) Dow Jones Newswires
December 09, 2024 16:33 ET (21:33 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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