AI software company C3.ai (AI, Financial) reported its seventh consecutive quarter of revenue growth, surpassing market expectations. The company announced a strategic alliance with Microsoft, allowing its AI solutions to be sold through Microsoft's Azure sales team. This partnership is expected to facilitate the adoption and deployment of C3.ai's applications across various industries.
For the recent quarter ending in October, C3.ai reported revenues of $94.3 million, a 29% increase year-over-year, exceeding the forecasted $91 million. The company's EPS loss was 6 cents, better than the expected 16 cents. C3.ai's revenue guidance for the upcoming quarter is between $95.5 million and $100.5 million, aligning with analysts' estimates.
Following the earnings report and Microsoft partnership news, C3.ai's stock surged over 16% in after-hours trading before settling at a 5% gain. The stock has risen approximately 45% this year, outperforming the Nasdaq Composite Index's 32% increase.
