C3.Ai Inc AI shares are volatile in Wednesday’s after-hours session after the company reported better-than-expected financial results and issued mixed guidance.
What Happened: C3.ai said fiscal second-quarter revenue increased 7% year-over-year to $62.41 million, which beat average analyst estimates of $60.86 million, according to Benzinga Pro. The company reported a quarterly net loss of 11 cents per share, which beat estimates for a loss of 16 cents per share.
“We made substantial progress ramping our consumption-based sales motion effort, which has been well received by our customers, partners, and sales organization. We expect consumption-based sales will be a substantial contributor to growth in forthcoming quarters,” said Thomas M. Siebel, CEO of C3.ai.
Outlook: C3.ai sees fiscal third-quarter revenue in a range of $63 million to $65 million versus estimates of $66.79 million. The company expects full-year revenue to be between $255 million and $270 million versus estimates of $260.83 million.
C3.ai is an enterprise artificial intelligence application software company.
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AI Price Action: C3.ai shares initially surged on the release before pulling back and turning negative.
The stock was down 0.17% in after hours at $11.98 at the time of writing, according to Benzinga Pro.
Photo: Gerd Altmann from Pixabay.
Image and article originally from www.benzinga.com. Read the original article here.