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C3.ai lifts annual forecast on strong demand for enterprise AI software

The company now expects revenue to be between $378 million and $398 million, from its previous forecast of $370 million to $395 million.

Shares of the company rose 14.8% in extended trading.

The Redwood (NYSE:RWT), California-based company provides software for enterprises to build and develop AI applications for various industries, including energy, manufacturing, financial services and healthcare.

The company’s shares have risen over 45% so far this year, in part due to its expanded partnership with cloud heavyweight Microsoft (NASDAQ:MSFT), under which C3.ai (NYSE:AI) will become the “preferred” AI application software provider on Microsoft’s Azure cloud.

C3.ai reported $94.3 million in second-quarter revenue, a 29% increase from last year and above analysts’ estimate of $91 million, according to data compiled by LSEG.

On an adjusted basis, the company reported a loss of 6 cents, whereas analysts were expecting a loss of 16 cents.


Source: Economy - investing.com

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