TLDR:
- C3.ai beat quarterly earnings estimates and narrowed its full-year revenue forecast, sending shares up more than 14%.
- New CFO appointed, revenue forecast increased to $306 million – $310 million for 2024.
Article Summary:
C3.ai, a software firm, announced better-than-expected quarterly results and updated its full-year revenue forecast, leading to a 14% increase in its stock price. The company appointed a new CFO, Hitesh Lath, effective March 1. The updated revenue forecast for 2024 is now in the range of $306 million to $310 million, surpassing analysts’ estimates. The demand for artificial intelligence products, like those offered by C3.ai, continues to grow as businesses seek to optimize their operations. In the competitive IT industry, the use of AI technology to enhance services has become crucial, with C3.ai being a prominent player in this space. Subscription revenue for the quarter exceeded expectations, and the company reported a smaller net loss compared to estimates. Overall, C3.ai’s performance is reflective of the increasing reliance on AI technologies in various industries.