Shares of the artificial intelligence software company
were trading sharply lower after the company provided disappointing guidance for the July quarter and the full fiscal year ending in April 2023.
For the quarter ended April 30, C3.ai (ticker: AI) posted revenue of $72.3 million, up 38% from a year ago, and just ahead of the Street consensus forecast at $71.3 million. That boosted full-year revenue to $252.8 million, also up 38%, and a little above the company’s guidance range of $251 million to $252 million.
C3.ai posted a non-GAAP loss in the quarter of 21 cents a share, narrower than the Street consensus forecast for a loss of 29 cents a share. Under generally accepted accounting principles, the company lost 55 cents a share. Remaining performance obligations at year end were $477.4 million, up 62% from a year ago.
Guidance came up short of Wall Street estimates, triggering the selloff. For the July quarter, C3.ai sees revenue of $65 million to $67 million, falling well shy of the Street consensus at $74.4 million. The company is projecting fiscal 2023 revenue of $308 million to $316 million, below the old Street consensus at $333.9 million.
Founded by pioneering software entrepreneur Tom Siebel, C3.ai has had a rough ride in the public market. The company priced its initial public offering in December 2020 at $42 a share, and opened for trading at $100. A few weeks later, the stock rose to as high as $183.90 on an intraday basis, but the…
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