C3.ai Inc. shares were popping in late trading Wednesday after the company, which makes enterprise artificial-intelligence software, showed that it lost less money than expected in the most recent quarter.
The company reported a fiscal third-quarter net loss of $73 million, or 60 cents a share, whereas it posted a loss of $63.2 million, or 57 cents a share, in the year-before period. On an adjusted basis, C3.ai
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lost 13 cents a share, while analysts were modeling an adjusted loss of 28 cents a share.
C3.ai posted revenue of $78.4 million, up from $66.7 million a year before, whereas analysts were modeling $76.1 million.
“Our significant first-mover advantage in enterprise AI is generating tailwinds as market interest in adopting AI accelerates,” Chief Executive Tom Siebel said in a release.
The company says it “continues to diversify across industries,” with 29% of bookings from state and local governments in the latest quarter, along with 25% of bookings being from federal, defense and aerospace customers.
C3.ai said it closed 50 agreements, including 29 new pilots, in the most recent quarter.
Shares were up 13% in Wednesday’s after-hours action.
For the fiscal fourth quarter, C3.ai models $82 million to $86 million in revenue, while the FactSet consensus was for $83.9 million.
