Shares of C3.ai Inc. rose. in late trading Wednesday after the company, which makes artificial intelligence software for enterprises, showed it lost less money than expected last quarter.
The company reported a net loss for the fiscal third quarter of $73 million, or 60 cents per share, while it recorded a loss of $63.2 million, or 57 cents per share, in the same period a year earlier. On a rate basis, C3.ai AI,
It lost 13 cents per share, while analysts had expected an adjusted loss of 28 cents per share.
C3.ai reported revenue of $78.4 million, up from $66.7 million a year earlier, while analysts were expecting $76.1 million.
“Our significant advantage in enterprise AI is generating a tailwind as market interest in AI adoption accelerates,” CEO Tom Siebel said in a statement.
The company says it “continues to diversify across industries,” with 29% of bookings from state and local governments last quarter, along with 25% of bookings from federal, defense and aerospace customers.
C3.ai said it closed 50 agreements, including 29 new pilots, in the latest quarter.
Shares rose 13% after hours on Wednesday.
For the fiscal fourth quarter, C3.ai expects revenue in the range of $82 million to $86 million, while the FactSet consensus was $83.9 million.
