C3.ai Stock: Slow Growth and Weak Guidance
Shares of artificial intelligence software provider C3.ai (NYSE: AI) slumped on Thursday following a quarterly report that featured a mix of optimistic talk and underwhelming financial results. There's no question that companies big and small are clamoring to leverage AI, but C3.ai's approach just doesn't seem to be working.
C3.ai's revenue rose by 11% year over year to $72.4 million in the fiscal first quarter, which ended on July 31, hardly impressive against a backdrop of booming demand for everything AI. "It is difficult to describe the scale of the increasing interest that we are seeing globally in enterprise AI adoption. We are experiencing strong traction with our enterprise AI applications and especially C3 Generative AI," said C3.ai CEO Thomas Siebel.
C3.ai announced a suite of domain-specific generative AI solutions along with its report, and the company claims that interest in these products is strong. "The market response to our Generative AI offerings is staggering," said Siebel.
Source Fool.com
