C3.ai Inc. (NASDAQ:AI) stock climbed, then fell in Wednesday's extended trading after the company released its second-quarter earnings report, beating analyst estimates.
Here's a look at the details in the report.
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The Details: C3.ai reported quarterly losses of 25 cents per share, which beat the consensus estimate for losses of 33 cents.
Quarterly revenue came in at $75.15 million, which beat the Street estimate of $74.86 million.
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The company highlighted the following second-quarter metrics:
- Subscription Revenue was $70.2 million.
- Subscription revenue constituted 93% of total revenue.
- Subscription and Prioritized Engineering Services Revenue Combined was $74.2 million, constituting 99% of total revenue.
“We delivered a solid quarter driven by excellent performance in our Federal business and increased high-value deal activity across our customer base. The Federal market continues to be a large growth vector for us,” said Stephen Ehikian, CEO of C3.ai.
“We have crafted a detailed execution plan and put in place precise operational objectives for each business unit. This plan prioritizes our execution in areas where we have demonstrable leadership, clear customer success, and the right to win, and concentrates our efforts on our fastest-growing sectors,” Ehikian added.
Outlook: C3.ai sees third-quarter revenue in a range of $72 million to $80 million, versus the $75.63 million analyst estimate.
AI Stock Price: According to data from Benzinga Pro, after rising after the earnings report, C3.Ai stock was down slightly 1% to $14.86 in Wednesday's extended trading.
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