Get 40% Off
🚀 Our AI Picked 6 Stocks that Jumped +25% in Q1. Which Picks Will Soar in Q2?Unlock full list posts robust quarterly results, announces CFO change

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

(Reuters) -Software firm (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's chief accounting officer.

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

The company now sees 2024 revenue between $306 million and $310 million, above analysts' estimates of $306.1 million, as per LSEG data. 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

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., 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. 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.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.