Though C3.ai's (NYSE: AI) leadership team made multiple optimistic pronouncements during an investor day update Thursday evening, shares of the artificial intelligence company were trading down by 10.6% as of 12:45 p.m. ET Friday.

Citing "broad interest in AI" across industries, CFO Juho Parkinnen said the company's pipeline of new contracts in the works has "basically doubled" since the beginning of its fiscal year. At the same time, management said the "sales cycle is shortening" on these opportunities, with prospects turning into contracts at a faster rate, reports TheFly.com.

So far, so good, right? But if this is the case, then why did C3.ai stock slump Friday?

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Source Fool.com