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C3.ai posts robust quarterly results, announces CFO change

Published 02/28/2024, 05:49 PM
Updated 02/28/2024, 06:22 PM
© Reuters. C3.ai logo is seen near computer motherboard in this illustration taken January 8, 2024. REUTERS/Dado Ruvic/Illustration

(Reuters) -Software firm C3.ai (NYSE:AI) on Wednesday posted better-than-expected quarterly results and narrowed its full-year revenue forecast range which was still ahead of Wall Street estimates, sending its shares up more than 14% in extended trading.

The company also named Hitesh Lath as its chief financial officer, effective March 1, replacing Juho Parkkinen.

Lath has been serving as C3.ai's chief accounting officer.

Parkkinen, who has held the role since 2021, will remain at the company as vice president of finance, C3.ai said.

The company now sees 2024 revenue between $306 million and $310 million, above analysts' estimates of $306.1 million, as per LSEG data. C3.ai had previously forecast $295 million to $320 million.

Businesses have been looking for products that offer generative artificial intelligence capabilities to optimize their operations, sparking demand for companies such as C3.ai.

Moreover, after the launch of OpenAI's ChatGPT in November 2022, businesses are relying on products infused with AI technology to improve services in a highly competitive IT industry.

C3.ai, which is an AI based software maker, is also a popular name among retail traders.

For the fourth quarter, it expects revenue between $82 million and $86 million, compared to analysts' estimates of $84.45 million.

© Reuters. C3.ai logo is seen near computer motherboard in this illustration taken January 8, 2024. REUTERS/Dado Ruvic/Illustration

Total revenue for the third quarter came in at $78.4 million above estimates of $76.14 million. Subscription revenue for the quarter was $70.4 million, above estimates of $66.77 million.

On an adjusted basis, the company posted a smaller net loss of 13 cents per share, for the quarter ended Jan. 31, compared to estimates of a loss of 28 cents per share.

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