Sunday, June 4, 2023

C3ai Gains 19% After Preliminary Q1 Financial Results

Company C3ai (AI.US) is rising nearly 20% today after releasing preliminary financial results. Markets saw them as a sign that the company’s push around artificial intelligence could improve. Preliminary first-quarter revenue beat Wall Street’s expectations: $72.1 million to $72.4 million versus the $71.1 million expected. The company expects annual sales of $266.5 million to $266.8 million, compared to previous estimates of $264 to $266 million. In the first quarter, C3ai completed 43 deals, including 19 pilot projects.

    • The impact of AI’s popularity on a company’s financial health and its business and revenue has been a topic of lively debate on the stock market in recent months;
    • Morgan Stanley analysts commented optimistically on the results, citing an encouraging business environment around AI. He also said that preliminary data shows that AI can indeed bring financial benefits to the company.
    • The company clearly indicated that its confidence in the future business has never been higher, which is reflected in the increased business activity. However, C3ai aims to achieve profitability by April 2024.

C3ai (AI.US) Stocks, H1 Range. The share price climbed above the 200 SMA and 61.8 Fibonacci retracement level after the shares opened the Wall Street session with a big gap to the upside. Source: xStation5

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World Nation News Desk
World Nation News Desk
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