Why C3.ai Shares Jumped 31.5% Today
Shares of artificial intelligence company C3.ai (NYSE: AI) jumped as much as 31.5% in trading on Friday after the company reported fiscal third-quarter 2023 financial results. Shares are near their highs at 2:00 p.m. ET, trading 30.8% higher on the day.
Total revenue for the quarter fell from $69.8 million a year ago to $66.7 million, and net loss ballooned from $39.4 million to $63.2 million, or $0.57 per share. After pulling out $55.8 million in stock-based compensation (which is a real expense but not a cash expense), the loss was $0.06 per share. That beat the $0.22 loss that analysts were expecting.
Management expects revenue to be $70 million to $72 million in the fiscal fourth quarter, with a non-GAAP loss from operations of $24 million to $28 million.
Source Fool.com
