By Tae Kim
C3.ai reported financial results that were ahead of expectations late Monday, driving the stock higher in after-hours trading.
For its quarter ending in October, the company reported a loss of 6 cents a share, compared with the consensus forecast for a 16-cent loss among Wall Street analysts tracked by FactSet. Revenue came in at $94.3 million, which was above analysts' expectations of $91 million.
C3.ai's outlook was roughly in line with forecasts. The company said that in the current quarter, revenue is likely to be between $95.5 million and $100.5 million, compared with the $97.6 million analysts' consensus.
"We had an outstanding quarter with strong top- and bottom-line performance to mark our seventh consecutive quarter of accelerating revenue growth," CEO Thomas M. Siebel said in the news release.
C3.ai also announced a new global alliance with Microsoft.
C3.ai shares were initially up 12.7% in after-hours trading following the release.
This is breaking news. Read a preview of C3.ai earnings below and check back for more analysis soon.
C3.ai is scheduled to report its fiscal second quarter after the close Monday. Investors are eagerly anticipating the company's results after the AI stock's stunning recent rally.
The consensus among analysts is for C3.ai to report October quarter revenue of $91 million with adjusted earnings per share loss of 16 cents. For the current quarter, analysts' estimate revenue of $97.6 million and earnings per share loss of 16 cents, according to FactSet.
C3.ai stock is up about 46% so far this year and 96% over the last three months, compared with the 32% year to date gain for the Nasdaq Composite.
The company may be benefiting from rising investor sentiment for the AI software sector led by Palantir, which reported better-than-expected earnings last month.
C3.ai offers more than 40 enterprise AI applications, serving customers in manufacturing, financial services, government, utilities, oil and gas, chemicals, and defense, among others, according to its website.
Write to Tae Kim at tae.kim@barrons.com
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December 09, 2024 16:15 ET (21:15 GMT)
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