C3.ai Analysts Cut Their Forecasts After Q1 Earnings Results

Author: Avi Kapoor | September 05, 2024 08:01am

C3.ai Inc (NYSE:AI) posted upbeat earnings and sales results for its first quarter on Wednesday.

C3.ai reported first-quarter revenue of $87.2 million, up 21% year-over-year. The revenue figure beat a Street consensus estimate of $86.9 million, according to data from Benzinga Pro.

Subscription revenue was $73.5 million in the first quarter, up 20%. Subscription revenue made up 84% of the company’s total revenue in the first quarter.

The company reported a loss of 5 cents per share in the first quarter, beating a Street consensus estimate of a loss of 13 cents per share.

"We had a solid start to the fiscal year, with rising demand for Enterprise AI driving our sixth consecutive quarter of accelerating revenue growth," C3.ai CEO Thomas Siebel said.

The company is guiding for second-quarter revenue in a range of $88.6 million to $93.6 million. Full fiscal-year revenue is guided to be in a range of $370 million to $395 million.

C3.ai shares fell 1.9% to close at $23.01 on Wednesday.

These analysts made changes to their price targets on C3.ai following earnings announcement.

• Piper Sandler analyst Arvind Ramnani maintained C3.ai with a Neutral and lowered the price target from $29 to $24.
• Morgan Stanley analyst Sanjit Singh maintained C3.ai with an Underweight and cut the price target from $23 to $21.
• Needham analyst Mike Cikos reiterated the stock with a Hold rating.

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Posted In: AI