C3.ai lifts annual forecast on strong demand for enterprise AI software
2024.12.09 17:16
(Reuters) -C3.ai raised its forecast for fiscal year 2025 revenue on Monday, helped by healthy demand for the company’s enterprise artificial intelligence software as companies look for tools to help streamline their workflow.
The company now expects revenue to be between $378 million and $398 million, from its previous forecast of $370 million to $395 million.
Shares of the company rose 14.8% in extended trading.
The Redwood (NYSE:), California-based company provides software for enterprises to build and develop AI applications for various industries, including energy, manufacturing, financial services and healthcare.
The company’s shares have risen over 45% so far this year, in part due to its expanded partnership with cloud heavyweight Microsoft (NASDAQ:), under which C3.ai (NYSE:) will become the “preferred” AI application software provider on Microsoft’s Azure cloud.
C3.ai reported $94.3 million in second-quarter revenue, a 29% increase from last year and above analysts’ estimate of $91 million, according to data compiled by LSEG.
On an adjusted basis, the company reported a loss of 6 cents, whereas analysts were expecting a loss of 16 cents.
