Shares of C3.ai (NYSE:AI) fell in after-hours trading after the company reported earnings for its fourth quarter of Fiscal Year 2023. Earnings per share came in at -$0.13, which beat analysts’ consensus estimate of -$0.17 per share. Sales increased by 0.1% year-over-year, with revenue hitting $72.41 million. This beat analysts’ expectations of $71.34 million.
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C3.ai noted that its subscription revenue–which made up 79% of the total, came in at $56.9 million. Meanwhile, its remaining performance obligations came in at $381.4 million.
C3.ai management also offered up some guidance for the first quarter and for the full year 2024. For the first quarter, C3.ai looks for revenue between $70 million and $72.5 million against analyst consensus of $71.34 million. It also expects to take a non-GAAP loss from operations between $25 million and $30 million.
As for Fiscal Year 2024, C3.ai looks for total revenue to come in between $295 million and $320 million, easily outpacing analyst projections calling for $256.79 million. It also looks for a non-GAAP loss from operations between $50 million and $75 million for the full year.
Overall, Wall Street has a consensus price target of $20.50 on C3.ai, implying 47.65% downside risk, as indicated by the graphic above.
