Shares Of C3.ai Are Taking Off: What's Going On?

Shares of C3.ai Inc AI are trading higher in Thursday’s after market session following a third-quarter earnings beat. Here’s what investors need to know.

By The Numbers: C3.ai reported a quarterly loss of 6 cents per share, ahead of the expected 22-cent loss, on revenues of $66.7 million, which beat consensus estimates of $64.25 million, according to Benzinga Pro.

The company said subscription revenue for the quarter was $57 million, constituting 85.6% of total revenues.

The company sees fourth-quarter revenue of between $70 million and $72 million against a $69.85-million estimates. C3.ai guided for full-year 2023 revenue of between $264 million and $266 million, ahead of the $261.3-million consensus estimate.

The company said it has $789.8 million in cash, cash equivalents and investments, and believes it is well positioned to sustain equity market turbulence and to continue to invest in growth through enterprise AI innovation and sales expansion while sustaining its path to profitability.

C3.ai said it and Google Cloud closed deals with eight new customers and expanded its joint pipeline in the third quarter, and it has identified 291 enterprise opportunities for its joint solutions, over 100 of which are currently engaged in licensing discussions.

C3.ai said it has 236 customers.

AI Price Action: Shares of C3.ai are trading 16.52% higher to $24.75, according to data from Benzinga Pro.

Photo via Pixabay.