C3.ai, an artificial intelligence (AI) software firm, saw a 20% drop in pre-market trading after issuing a weaker-than-expected fiscal 2024 forecast. The firm released Q4 results on Wednesday, with revenue reaching $72.4m and adjusted loss per share coming in at $0.13, surpassing market expectations. However, looking ahead the firm forecast an adjusted loss of $50m to $75m on revenue of $295.0m to $320.0m for fiscal 2024. Nevertheless, Wedbush analyst Daniel Ives upgraded the stock to outperform from neutral and the price target was set at $50 per share, more than double the previous target, whilst DA Davidson analyst Gil Luria downgraded the stock to neutral from buy.
C3.ai is a software company that provides an enterprise-based platform for developing AI applications. Founded in 2009, it has since established partnerships with several large tech companies such as Intel and Microsoft.
Daniel Ives is a managing director and equity analyst at Wedbush Securities. He is a well-known analyst in the technology sector and is regularly cited in the financial media.
