C3.ai lifts annual forecast on strong demand for enterprise AI software

C3.ai

09/12/2024 21:27

Dec 9 (Reuters) - C3.ai  AI.N  raised its forecast for fiscal year 2025 revenue on
Monday, helped by healthy demand for the company's enterprise artificial intelligence software
as companies look for tools to help streamline their workflow. 
    The company now expects revenue to be between $378 million and $398 million, from its
previous forecast of $370 million to $395 million. 
    Shares of the company rose 14.8% in extended trading. 
    The Redwood, California-based company provides software for enterprises to build and develop
AI applications for various industries, including energy, manufacturing, financial services and
healthcare. 
    The company's shares have risen over 45% so far this year, in part due to its expanded
partnership with cloud heavyweight Microsoft  MSFT.O , under which C3.ai will become the
"preferred" AI application software provider on Microsoft's Azure cloud. 
    C3.ai reported second-quarter revenue of $94.3 million, compared to analysts' estimate of
$91 million, according to data compiled by LSEG.
    On an adjusted basis, the company reported a loss of 6 cents, whereas analysts were
expecting a loss of 16 cents.
                        

 (Reporting by Zaheer Kachwala and Rishi Kant in Bengaluru; Editing by Alan Barona)
 ((Zaheer.Kachwala@thomsonreuters.com))