Shares of C3.ai (AI) rose 13% after the artificial intelligence company raised its outlook, saying interest in the application of predictive analytics was “higher than ever.”
The company’s preliminary earnings release reads, “The overall business environment for enterprise AI appears to be more active and accelerating than we’ve seen since the company was founded.”
According to C3.ai, total revenue for the fourth quarter was between $72.1 million and $72.4 million, beating the company’s own guidance. C3.ai expects an adjusted operating loss of $23.7 million to $23.9 million, lower than its previous forecast of $24 million to $28 million. The exact results will be announced at the end of May.
The AI software company, whose clients include Bank of America, Shell, and 3M, said that “the number of company opportunities eligible for closure within 12 months in our sales pipeline has increased by more than 100% over the past year. I did,” he said.
Tom Siebel, founder and CEO of C3.ai, said in March of Yahoo Finance AI, “It will soon be a $600 billion addressable software market. Everyone uses a PC. “We’re going to use enterprise AI applications the same way we use relational databases.”
Earlier this year, in the midst of the OpenAi ChatGPT frenzy, investors flocked to C3.ai and other artificial intelligence stocks. In February, the stock rose 100% in one month.
In early April, the stock plunged 38% in two days. Short seller Kerrisdale Capital releases letter It alleges that C3.ai engaged in “aggressive accounting practices to inflate income statements.”
C3.ai responded to the allegations in the Kerrisdale letter by stating, “Very creative and transparent by a self-proclaimed short seller who shorted a stock, issued an inflammatory letter to drive the stock price down, and then attempted to cover the short sale. It seems to be a high-level attempt,” he emphasized. And pocket the profit. ”
Year-to-date AI has increased by about 100%.
Ines is a Senior Business Reporter at Yahoo Finance. follow her on her twitter @ines_ferre
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