Shares of C3.ai Inc fell nearly 10 per cent in premarket trading on Thursday, after the software company scrapped its quarterly forecast that it would be profitable by end of the fiscal year as it looks to invest further in its generative AI offerings.The $3.71 billion stock, among the small-cap AI firms
Shares of C3.ai Inc fell nearly 10 per cent in premarket trading on Thursday, after the software company scrapped its quarterly forecast that it would be profitable by end of the fiscal year as it looks to invest further in its generative AI offerings.
C3.ai reported a 10.1 per cent rise in first-quarter revenue from a year earlier to $72.4 million, while net loss per share narrowed to 9 cents from 12 cents on the back of strong performance of its subscription-based model. "After careful consideration... we have made the decision to invest in lead generation, branding, market awareness and customer success related to our Generative AI solutions," said CEO Thomas Siebel.
J.P.Morgan analyst Pinjalim Bora said while"Gen AI presents a material opportunity, we don't see top-line metrics materially inflecting higher at this point to justify the increased investment posture".
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