C3.AI raised its forecast for fiscal year 2025 revenue on Monday (Dec 9), helped by healthy demand for the company’s enterprise artificial intelligence (AI) software as companies look for tools to help streamline their workflow.
The company now expects revenue to be between US$378 million and US$398 million, from its previous forecast of US$370 million to US$395 million.
Shares of the company rose 14.8 per cent in extended trading.
The Redwood, California-based company provides software for enterprises to build and develop AI applications for various industries, including energy, manufacturing, financial services and healthcare.
The company’s shares have risen over 45 per cent so far this year, in part due to its expanded partnership with cloud heavyweight Microsoft, under which C3.ai will become the “preferred” AI application software provider on Microsoft’s Azure cloud.
C3.ai reported US$94.3 million in second-quarter revenue, a 29 per cent increase from last year and above analysts’ estimate of US$91 million, according to data compiled by LSEG.
On an adjusted basis, the company reported a loss of six US cents, whereas analysts were expecting a loss of 16 US cents. REUTERS
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