Enterprise artificial intelligence company C3.ai Inc (NYSE:AI)’s stock is plunging after-hours Wednesday following its first-quarter earnings report.
Here are the key highlights.
What Happened: 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.
In the first quarter, the company closed 71 deals, which included 52 ...
