Why C3.ai Stock Collapsed This Week
Shares of C3.ai (NYSE: AI) fell 19% this week, according to data from S&P Global Market Intelligence. The artificial intelligence (AI) company, which builds enterprise applications, released dismal preliminary financial results for its latest quarter, while the company's CEO announced that he would be departing the company. C3.ai has never generated a profit, and its stock is down 90% from all-time highs set from its initial public offering (IPO).
Here's why the stock was slipping yet again this week.
C3.ai posted preliminary results for its recent quarter ending in July this week. The numbers were not good. Revenue was estimated to be around $70 million, down from $87.2 million in the year-ago quarter, with a generally accepted accounting principles (GAAP) operating loss of $125 million compared to $73 million in the year-ago quarter. These are ugly preliminary figures, which sent the stock down this week.
Source Fool.com
