Why C3 AI Stock Is Moving Higher Monday

C3.ai Inc AI shares are trading higher Monday after the company reported strong preliminary financial results.

What Happened: C3.ai said it expects fiscal fourth-quarter revenue to be between $72.1 million and $72.4 million versus estimates of $71.05 million. 

The company expects net cash from operating activities to be between $28.1 million and $29.5 million, resulting in positive free cash flow of $18 million to $19.4 million. C3.ai expects to report an adjusted loss of $23.7 million to $23.9 million.

"Overall business environment for enterprise AI is more active than we have seen since the company's inception and seems to be accelerating. Interest in applying predictive analytics to business processes has never been greater. This manifested in significantly increased business activity at C3 AI," the company said. 

C3.ai said it remains on track to achieve its goal of reaching profitability by the end of fiscal year 2024. The company is set to report fourth-quarter results on May 31. 

See Also: US Stocks Set To Open Week Higher On Some M&A Cheer — But Analyst Sees Debt Crisis Keeping Spurts In Check

AI Price Action: C3.ai shares were up 4.02% at $20.20 at the time of publication, according to Benzinga Pro.

Photo: Kohji Asakawa from Pixabay.