C3.ai AI, which pre-announced partial fourth-quarter results in mid-May, released its full-year earnings guidance for fiscal 2024 on Wednesday, which fell short of analyst expectations. AI stocks plunged on the news.
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C3.ai forecasts full-year 2024 revenue in the range of $295 million to $320 million, beginning in the July quarter. Analysts expect sales to rise 19% to $317 million, according to FactSet, meaning the company missed the halfway point.
Revenue for fiscal 2023 will grow 5.6% to $266.8 million, down from 38% in the previous year. C3.ai expects revenue growth to reaccelerate as more pilot projects ramp up production.
C3.ai announced an adjusted loss of 13 cents per share in the April quarter. In comparison, he lost 21 cents in the same period last year.
loss prediction
C3.ai said it expects an adjusted operating profit loss in the range of $50 million to $75 million for fiscal 2024. Analysts expect an operating profit loss of $61.8 million.
AI shares plunged 18% to 32.81 in extended stock market trading today. Shares fell nearly 9% in regular trading on Wednesday. Stocks have been wildly volatile lately, with shares soaring 33% on Tuesday.
C3.ai stock has risen from its entry point of 31.02 as investor interest in artificial intelligence stocks has increased.
AI Stocks: Targeting Multiple Markets
This software maker helps companies build artificial intelligence applications. It targets the energy, financial services and defense markets.
C3.ai’s initial public offering in early December 2020 raised $651 million. In December, the enterprise AI software provider changed its pricing model from subscription to pay-as-you-go.
C3.ai’s stock surged 194% in 2023 amid buzz around the startup’s OpenAI, ChatGPT and generative AI technology. C3.ai says he closed three generative AI deals in the April quarter.
C3.ai is one of many AI stocks to watch. Additionally, according to the IBD Stock Check-up, C3.ai holds a 98 out of 99 relative strength rating.
Follow Reinhard Klaus on Twitter @reinhardtk_tech See the latest in 5G wireless, artificial intelligence, cybersecurity and cloud computing.
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