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Technology Stocks : C3ai
AI 18.11-1.4%3:59 PM EDT
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From: Julius Wong9/4/2024 9:45:27 PM
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C3.ai plummets as guidance miss expectations

Sep. 04, 2024 4:19 PM ET
By: Chris Ciaccia, SA News Editor

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C3.ai (NYSE: AI) shares plunged nearly 15% in late trading on Wednesday after the enterprise software maker offered up guidance for the coming quarter that were worse than expected.

For the period ending July 31, the Thomas Siebel-led company lost an adjusted $0.05 per share as revenue rose 20.5% to come in at $87.2M. Subscription revenue for the quarter came in at $73.5M, below the $79.1M estimate.

Analysts had been expecting a loss of $0.13 per share on sales of $86.94M.

Turning to the company's guidance, C3.ai sees its fiscal second-quarter sales between $88.6M and $93.6M, with the midpoint of $91.1M below the $91.3M estimate.

C3.ai also kept its full-year sales guidance, as it expects revenue to be between $370M and $395M, with the mid-point of $382.5M below the $383.9M estimate.

C3.ai is scheduled to host a conference call at 5 p.m. EST to discuss the results.
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