Shares of C3.ai (NYSE: AI) turned sharply lower Thursday morning, plunging as much as 24.3%. As of 10:40 a.m. ET, the stock was still down 18.1%.

The provider of enterprise artificial intelligence (AI) software solutions released quarterly results that illustrated its continuing struggles, even as the rapidly accelerating adoption of all things AI has lifted much of the sector in recent months.

For its fiscal 2023 fourth quarter (ended April 30), C3.ai generated revenue of $72.4 million, which was flat year over year -- even in the face of the ongoing AI boom. Equally as troubling was the company's gross profit margin, which plunged from 76% to 66%.

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Source Fool.com