Source: Zhitong Finance
Author: Lee Kyun-ho

On the morning of December 7, Beijing time, a pioneer of artificial intelligence in the United States and an AI software service provider$C3.ai (AI.US)$The results for the second quarter of fiscal year 2024 were announced. According to financial reports, C3.ai's revenue for the second fiscal quarter was US$73.2 million, up 17% year on year, falling short of market expectations of US$74 million; net loss of US$68.85 million; loss per share of US$0.59 million, exceeding analysts' estimates of loss of US$0.18 per share and loss of US$0.63 per share for the same period last year; gross profit was US$41.1 million, with gross margin of 56%.

By business, subscription revenue for the quarter was US$66.449 million, accounting for 91% of total revenue, up 12% from US$59.5 million in the same period last year. Revenue from professional services was $6.78 million.

C3.ai's fiscal second quarter subscription revenue increased 12% year over year, and customer engagement increased 81% year over year. C3.ai said it signed 62 client agreements during the quarter, including 36 pilot agreements. As of the end of the quarter, C3.ai held $762.3 million in cash, cash equivalents, and investments.

Looking ahead, C3.ai expects revenue for the third quarter of fiscal year 2024 to be between $74 million and $78 million. The company reiterated that it expects revenue for the full year 2024 to remain between $295 million and $3.2 billion.

C3.ai notes that its plan is to further accelerate investment in generating artificial intelligence, as it anticipates a significant increase in enterprise AI opportunities. The company also said it believes it is well-positioned to accelerate growth, gain market share, and achieve sustainable non-GAAP profitability.

As of press release, C3.ai fell more than 8% after the session to $26.8.

editor/tolk