C3.ai Reports Narrower Loss on 26% Higher Revenue

C3.ai, the provider of AI software to help businesses adapt their operations to digital, reported a smaller loss than the year-ago quarter on 26% higher revenue.
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C3.ai  (AI) - Get Report, the provider of artificial intelligence software to help businesses adapt their operations to digital, reported a narrower fiscal-fourth-quarter net loss on 26% higher revenue.

For the quarter ended April 30, the Redwood City, Calif., company posted a net loss of 24 cents a share compared with a loss of 82 cents a share in the year-earlier quarter. A company statement did not specify an adjusted loss per share for the latest period. 

Revenue reached $52.3 million from $41.6 million a year ago.

A survey of analysts by FactSet produced consensus estimates of a GAAP loss of 25 cents a share, or an adjusted loss of 34 cents a share, on revenue of $50.6 million.

Shares outstanding more than tripled to 97.3 million. C3.ai went public in early December at an IPO price of $42 a share. The company touched a 52-week high near $184 in late December.

Most recently, on June 1, C3.ai said that it had reached a five-year renewal of an agreement to deploy artificial intelligence and machine-learning applications across the systems at the energy company Shell  (RDS.A) - Get Report  (RDS.B) - Get Report. Terms weren't disclosed.

In late May, Barron’s reported that Morgan Stanley analyst Sanjit Singh reiterated an underweight rating on the stock and pared his target price to $60 from $100.

Singh said C3.ai's biggest challenge is a concentrated revenue stream, the paper reported. It had about 30 customers, plus partnerships that are still just getting off the ground, the analyst said, according to Barron's.

At last check C3.ai shares were trading down 9.7% at $68.73. They closed regular Wednesday trading up 6.1% at $76.15.