C3.ai Stock Soars on Earnings: Increased Revenues, Raised FY Guidance and Strong AI Demand
The AI application software company C3.ai (AI) announced positive Q4 earnings today that boosted the stock up ~13% as it took the lead in the PRISM NextGen Tech and AI Index.
The company’s Q4 EPS beat estimates (($0.11) ex-items vs FactSet ($0.30)) and revenues also came in above consensus ($86.6M vs FactSet $84.4M). Furthermore, the company’s FY revenue guidance beat ($370M-$395M vs FactSet $367.7M) as investors received the news with positive response.
“We finished a strong quarter and closed out a huge year for C3 AI. This was our fifth consecutive quarter of accelerating revenue growth. Our Q4 revenue grew by 20% y/y to $86.6M, exceeding the top end of our guidance. Our full year revenue grew by 16% to $310.6M, also exceeding the top end of our guidance,” said C3 AI CEO and Chairman Thomas M. Siebel. “Demand for Enterprise AI is intensifying, and our first to market advantage in Enterprise AI positions us well to capitalize on it. Our Enterprise AI applications have been adopted across 19 industries, underscoring increasing market diversity. Our federal revenue grew by more than 100% for the year. The interest we are seeing in our generative AI applications is staggering.”
