However, it’s not earnings results that are dropping the stock, but rather its latest outlook. In the company’s report, it highlights an expected net loss of $25 million to $30 million alongside revenue of $70 million to $72.5 million. Wall Street’s estimate for the quarter includes revenue of $71.67 million.
To go along with that, the company also says it expects a net loss of $50 million to $70 million and revenue of $295 million to $320 million. To put that in perspective, analysts are expecting revenue of $315.33 million for the fiscal full year of 2024.
C3.ai says it continues to make progress on its path to profitability. According to the company, it believes it will reach sustainably non-GAAP profitability by the end of fiscal 2024, which is in April 2024.
CEO Commentary on Earnings
Thomas Siebel, CEO of C3.ai, said this in the earnings report:
“I believe we now have broad consensus that the addressable market for Enterprise AI is extraordinarily large and rapidly growing; we have nearly 1,000 talented, dedicated employees; the C3 AI Platform is increasingly recognized as the gold-standard in enterprise AI; we have over 40 production enterprise AI applications that offer the market rapid time to value; our C3 Generative AI offerings are being enthusiastically received.”
AI stock is falling 19.5% as of Thursday morning.
Investors seeking more of the most recent stock market news will want to keep reading!
InvestorPlace is home to all of the hottest stock market news traders need to know about on Thursday! A few examples include what’s moving shares of MDU Resources (NYSE:MDU), QuantaSing (NASDAQ:QSG), and T2 Biosystems (NASDAQ:TTOO) stock today. You can find out more on these matters at the following links!
More Stock Market News For Thursday
- Why Is MDU Resources (MDU) Stock Moving Today?
- Why Is QuantaSing (QSG) Stock Up 25% Today?
- Why Is T2 Biosystems (TTOO) Stock Up 29% Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.