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C3.ai Jumps on Strong Sales, Raises Full-Year Revenue Outlook

stock :: 2024-12-10 :: source - bloomberg


By Brody Ford

(Bloomberg) -- C3.ai Inc., a data-analysis software company, gained about 13% in extended trading after reporting quarterly revenue that topped estimates and raising its full-year sales forecast.

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Fiscal second-quarter revenue increased 29% to $94.3 million, the Redwood City, California-based company said Monday in a statement. Analysts, on average, estimated $91 million. Sales in the current fiscal year will be as much as $398 million, C3.ai said, compared with a previous forecast of as much as $395 million.

The shares reached a high of $49.57 in late trading after closing at $41.68 in New York. The stock has gained 45% this year.

C3.ai has been introducing products with generative artificial intelligence, benefiting from interest in AI by corporate customers. The company said it closed 15 generative AI-focused trials in the quarter, including with automaker Rolls-Royce and the US Navy.

Chief Executive Officer Tom Siebel pointed toward the positive results of a deal that makes it easier for customers of Microsoft Corp.’s cloud services to use C3.ai’s software.

“We’re making it easy for businesses to adopt and deploy C3 AI applications,” he said in the statement.

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