Shares of C3.ai Inc. were moving 2% higher in Monday’s premarket trading after the software company said it expects it exceeded its prior revenue target for the just-completed quarter.
C3.ai
AI,
expects to report $72.1 million to $72.4 million in revenue for the fiscal fourth quarter, whereas its prior forecast was for $70.0 million to $72.0 million. Analysts tracked by FactSet were expecting $71.1 million.
“Overall business environment for enterprise AI is more active than we have seen since the company’s inception and seems to be accelerating,” the company said in a release. “Interest in applying predictive analytics to business processes has never been greater.”
C3.ai further cited “significantly increased business activity” during the period, while closing 43 deals, including 19 pilots that were initiated in the fiscal fourth quarter.
Read: The ‘explosive’ AI trend is here to stay. These stocks are poised to benefit.
The company expects to post a narrower loss than it originally anticipated for the period. It now expects a $23.7 million to $23.9 million adjusted loss from operations, whereas its prior outlook called for a loss of $24.0 million to $28.0 million on the metric.
Shares of C3.ai, which makes enterprise software for artificial intelligence, have surged 74% so far this year amid high enthusiasm for AI technology. The S&P 500
SPX,
is up about 7% over the course of 2023.
See also: C3.ai CEO Siebel says other tech companies’ AI hype is ‘just talk’
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