Shares of C3.ai (NYSE: AI) dropped 7.8% in after-hours trading on Wednesday, after the enterprise artificial intelligence (AI) application software company released its results for the first quarter of fiscal 2024 (which ended July 31). 

The stock's decline is largely attributable to management withdrawing its guidance for reaching adjusted positive earnings by the end of fiscal year 2024. Relatedly, it increased its expected adjusted operating loss for the full year.

Data source: C3.ai. Fiscal Q1 2024 ended July 31, 2023. GAAP = generally accepted accounting principles; non-GAAP and adjusted are synonymous terms. *Calculations by author.

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Source Fool.com