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Technology Stocks : C3ai
AI 27.98-0.9%1:30 PM EDT

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From: Julius Wong5/29/2024 5:19:59 PM
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C3.ai soars after Q4 results, forecast top estimates

May 29, 2024 4:19 PM ET
By: Chris Ciaccia, SA News Editor

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C3.ai (NYSE: AI) shares jumped nearly 13% in extended-hours trading on Wednesday after the enterprise software company reported fiscal fourth-quarter results and guidance for the next year that topped expectations.

Looking to fiscal 2025, C3.ai expects to generate between revenue between $370M and $395M, above the $367.7M estimate.

The company also offered guidance for the coming fiscal first-quarter, as it expects sales to be between $84M and $89M, with the mid-point above the $85.9M estimate.

“Demand for Enterprise AI is intensifying, and our first to market advantage in Enterprise AI positions us well to capitalize on it,” said C3 AI CEO and Chairman Thomas Siebel. “Our Enterprise AI applications have been adopted across 19 industries, underscoring increasing market diversity. Our federal revenue grew by more than 100% for the year. The interest we are seeing in our generative AI applications is staggering.”

The strong view for the next year comes after the Siebel-led company reported fiscal fourth-quarter results that topped estimates. Sales for the period ending April 30 rose 19.6% year-over-year to $86.59M, above the $84.39M estimate.

The Redwood City, Calif.-based firm reported an adjusted loss per share of $0.11 per share, above the $0.30 loss that analysts had been expecting.

The company closed several agreements in the quarter, entering into new deals with organizations like ExxonMobil, A.P. Moller-Maersk, General Mills, the U.S. Navy and others.

Moreover, C3.ai's federal contracts continued to show significant strength, with revenue from federal services up more than 100% year-over-year.

Subscription revenue during the period rose 40.4% year-over-year to $79.9M, comprising 92% of total revenue.

The company will hold a conference call at 5 p.m. EST to discuss the results.
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