Shares of C3.ai (NYSE: AI) have underperformed the broader market in 2024, gaining 3% so far compared to the 6% gains delivered by the Nasdaq-100 Technology Sector index, but it looks like the company's fortunes could change following its latest quarterly report.
C3.ai provides artificial intelligence (AI) software for enterprise applications, and the stock popped substantially after the company released fourth-quarter fiscal 2024 results (for the three months ended April 30, 2024) on May 29. Let's see why investors cheered C3.ai's results and check if the stock can sustain its newly found momentum.
C3.ai's revenue increased 20% year over year in the previous quarter to $86.6 million, which was well ahead of the $84.4 million consensus estimate. It is worth noting that the AI software specialist reported flat revenue growth in the same quarter last year. The company's non-GAAP net loss shrunk to $0.11 per share in the latest quarter from $0.13 per share last year. Analysts were projecting a bigger loss of $0.30 per share.
Source Fool.com