C3.ai Stock Slides On Q1 Earnings Despite 'Strong Traction' With AI Applications, New Generative AI Suite

C3.Ai Inc AI reported fiscal first-quarter financial results Wednesday after the bell. Here's a rundown of the report and a look at what appears to be driving the action after hours. 

What Happened: C3.ai reported first-quarter revenue of $72.4 million, which beat the consensus estimate of $71.59 million, according to Benzinga Pro. C3.ai reported a quarterly loss of 9 cents per share, which beat analyst estimates for a loss of 17 cents per share.

"It is difficult to describe the scale of the increasing interest that we are seeing globally in enterprise AI adoption," said Thomas Siebel, CEO of C3.ai.

"We are experiencing strong traction with our enterprise AI applications and especially C3 Generative AI."

C3.ai sees fiscal second-quarter revenue in the range of $72 million to $76.5 million versus estimates of $73.81 million. The company expects full-year revenue to be between $295 million and $320 million versus estimates of $308.2 million.

C3.ai also announced the launch of C3 Generative AI Suite, which features 28 domain-specific generative AI offerings. The AI solutions can be operated on the customer's platform of choice including, AWS, Google's Cloud platform and Microsoft Azure. 

"The market interest that we are seeing in C3 Generative AI is staggering. The addressable market is unknowably large and appears to more than double our Enterprise AI market opportunity," Siebel added. 

Management will hold a conference call to discuss these results at 5 p.m. ET.

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AI Price Action: C3.ai shares were down 3.85% after hours at $30.25 at the time of publication, according to Benzinga Pro.

Photo: Alexandra_Koch from Pixabay.