Shares of C3.ai Inc. initially skidded about 8% in extended trading Wednesday after the AI stalwart reported quarterly results.
“Let’s look at our story: It is about becoming a cash-positive business,” C3.ai Chief Executive Tom Siebel said in an interview about the results, which were in line with analyst estimates. “I have $800 million cash in the bank.”
C3.ai AI, -12.24% reported a fiscal first-quarter net loss of $64.4 million, or 56 cents a share, compared with a net loss of $71.7 million, or 67 cents a share, in the year-ago quarter. Adjusted earnings came in at a loss of 9 cents a share.
Revenue was $72.4 million, compared with $65.3 million a year ago.
Analysts surveyed by FactSet had expected on average a net loss of 17 cents a share on revenue of $71.6 million.
The company forecast second-quarter revenue guidance of between $72 million and $76.5 million, eclipsing FactSet’s mean estimate of $73.8 million.
C3.ai’s stock has skyrocketed 181% this year, while the S&P 500 SPX has gone up 16%.
On Wednesday, C3.ai announced the launch of the first domain-specific generative-AI offerings across industries, business processes and enterprise systems. The company released its first gen-AI product in March.
“We continue to believe C3.ai is well-positioned to grab a significant portion of the Generative AI market through partnership expansion and market offerings with its proprietary suite of enterprise AI applications … despite the murky macro backdrop with its successful consumption-based model,” Wedbush Securities analyst Dan Ives said in a note Thursday that maintained an outperform rating while lowering C3.ai’s price target to $42 from $50.