C3.Ai Inc AI reported fiscal second-quarter monetary outcomes Wednesday after the bell. Here is a take a look at the key metrics from the quarter.
Q2 Earnings: C3.ai mentioned second-quarter income elevated 17% year-over-year to $73.23 million, which missed the consensus estimate of $74.33 million, in line with Benzinga Pro. The corporate reported a quarterly adjusted lack of 13 cents per share, which beat analyst estimates for a lack of 18 cents per share.
Subscription revenues have been up 12% year-over-year. Buyer engagement grew by 81% on a year-over-year foundation. C3.ai mentioned it closed 62 buyer agreements throughout the quarter, together with 36 pilots. The corporate ended the quarter with $762.3 million in money, equivalents and investments.
“We noticed unprecedented curiosity and traction in our generative AI choices. Importantly, we’re seeing a return to accelerating income development as we proceed our transition to a consumption-based pricing mannequin,” mentioned Thomas Siebel, chairman and CEO of C3.ai.
Outlook: C3.ai sees third-quarter income within the vary of $74 million to $78 million. The corporate reaffirmed that full-year 2024 income continues to be anticipated to be between $295 million and $320 million.
C3.ai famous that it plans to additional speed up investments in generative AI because it anticipates a major enhance in alternatives for Enterprise AI. The firm additionally mentioned it believes it is well-positioned to speed up development, achieve market share and attain sustainable non-GAAP profitability.
A convention name to debate these outcomes kicked off at 5 p.m. ET.
Photograph: Gerd Altmann from Pixabay.