C3.ai Inc shares jumped 30% after the enterprise AI application software company reported above-guidance fiscal 3Q 2023 results.
Interest in C3 has surged in recent weeks as investors seek out companies with growth potential in the burgeoning AI space after the viral success of OpenAI’s language bot ChatGPT.
For the quarter ended January 31, 2023, the company posted revenue of $66.7 million, above guidance of $63 to $65 million, and compared to revenue of $69.7 million in the year-ago quarter.
Its non-GAAP net loss per share came in at $0.06, compared to a loss of $0.07 per share in the year-ago quarter.
The company also noted it is on track to become cash positive and non-GAAP-profitable by the end of the 2024 financial year.
“In the course of the third quarter we validated our transition to a consumption-based pricing model, expanded our partner ecosystem, expanded our business pipeline, and delivered industry-leading product innovation in enterprise AI,” commented C3 CEO Thomas M Siebel.
“As we enter 4Q FY23, we are seeing tailwinds from improved business optimism and increased interest in applying C3 AI solutions to address an increasing range of applications across a broad range of industries.”
C3 shares were up 30.4% at US$27.72 on Friday afternoon.
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