Why C3.ai Stock Is Sinking Today
Shares of C3.ai (NYSE: AI) were sinking 10.7% lower as of 10:51 a.m. ET on Thursday and fell as much as 13.9% earlier in the day. The sell-off came after the enterprise artificial intelligence (AI) application software company announced its fiscal 2024 second-quarter results following the market close on Wednesday.
C3.ai reported fiscal Q2 revenue of $73.2 million. While this figure reflected a year-over-year increase of 17%, it fell short of the consensus Wall Street revenue estimate of $74.3 million.
The company posted an adjusted net loss of $0.13 per share, compared to a loss of $0.11 per share in the prior-year period. Despite the deteriorating bottom line, C3.ai still managed to beat the average analysts' estimate of a loss of $0.18 per share.
Source Fool.com
