C3.ai trades flat following mixed report

By Investing.com Staff

C3 ai Inc (NYSE:) shares initially jumped higher but have since moved back to break even following second-quarter results after the close Wednesday that beat on the top and bottom line, though guidance was slightly below the Street for the next quarter.

Total revenue for the rose 7% to $62.4 million, versus the consensus estimate of $60.82M. Subscription revenue rose 26% to $59.5M.

The company posted a non-GAAP EPS of ($0.11), easily topping the consensus of ($0.22).

“It was a solid second quarter, with subscription revenue growing 26% year over year,” said CEO Thomas M. Siebel. “We made substantial progress ramping our consumption-based sales motion effort, which has been well received by our customers, partners, and sales organization. We expect consumption-based sales will be a substantial contributor to growth in forthcoming quarters.”

Looking ahead, the company sees third-quarter revenue of $63-$65M, versus the consensus of $66.79M.

For the year, the company sees revenue of $255-$270M, versus the consensus of $260.83M.

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