Shares of software company C3.ai, Inc. were trading lower in Wednesday’s after-hours market following the company’s release of first-quarter financial results and its lowering some fiscal year 2023 guidance.
At 5:50 p.m. EDT, the company’s shares had fallen 16.67% to trade at $15 each. Volume at the time topped 1 million shares. The stock finished the day’s regular session with a 2.23% loss, closing at $18 per share.
After the bell, the company reported a first-quarter loss per share of 67 cents on revenue of $65.3 million. In the year-ago period, the company reported a loss per share of 37 cents on revenue of $52.4 million.
The company said it was expecting second-quarter revenue in a range of $60 million to $62 million. The company also said it was expecting fiscal year 2023 revenue in a range of $255 million to $270 million, below previous guidance of a range between $308 million and $316 million.
The company also said was transitioning to a consumption-based pricing model to fuel growth. Thomas M. Siebel, the company’s chief executive, said “the economic downturn is real. Our customers are scrutinizing big deals as never before, which also makes this a smart time to launch consumption pricing.”