C3.ai Inc might not feel the love from investors when it reports its second quarter fiscal 2024 financial results after the close on December 6, despite Wall Street’s ongoing infatuation with all things artificial intelligence (AI).
On September 7, shares of C3.ai sank nearly 17% after the Enterprise AI application software company said it no longer expects to achieve adjusted quarterly profitability by the end of the fiscal year, instead opting to invest in its Generative AI (GenAI) solutions.
The company noted it expects to be cash flow positive for 4Q fiscal 2024 and the full year 2025 instead.
Also at the time, C3.ai stated it expects to report a fiscal 2024 loss of $70 to $100 million, compared to its earlier projection of a loss between $50 and $75 million.
C3.ai maintained its full-year revenue guidance of $295 million to $320 million.
For 2Q, the analyst consensus forecast is for a loss of $0.19 per share on revenue that is expected to rise 20% year-over-year to $74.55 million, according to Zacks Equity Research.
Shares of C3.ai have soared 160% year to date as of Wednesday's closing price.
Contact Sean at sean@proactiveinvestors.com