On Thursday, shares of C3.AI Inc. went up more than 8% during the extended session after the software company said demand for AI is “intensifying” and its quarterly revenue went up 20%.
In the fiscal fourth quarter, C3.ai AI, -0.75% lost $73 million, or 59 cents per share. This was more than the $65 million, or 58 cents per share, it lost in the same quarter last year. The company lost 11 cents per share after one-time items were taken into account.
The company said that its sales went up 20% to $86.6 million, with $79.9 million coming from subscriptions.
When FactSet polled analysts, they thought the company would lose 30 cents per share on sales of $84.4 million.
In a statement, CEO Thomas Siebel said, “Demand for enterprise AI is growing, and our first-to-market advantage in enterprise AI puts us in a great position to take advantage of it.”
He said that the company’s enterprise-AI apps have been used in 19 different industries, showing that the market is more diverse. “It’s crazy how much interest there is in our generative AI applications.”
The company said that they expect sales to grow by 23% in fiscal year 2025. It said that the first quarter of fiscal year 2025 would bring in between $84 million and $89 million and lose between 22 cents and 30 cents per share.
FactSet thought the company would have an adjusted quarterly loss of 15 cents on sales of $86 million.
The company expected to make between $370 million and $395 million in sales for the whole year, while FactSet thought it would make $368 million.
