C3.ai Surges on Strong Earnings, Upbeat Forecast Amid AI Demand
The AI software company's shares soared following better-than-expected quarterly results and a positive revenue outlook, capitalizing on the generative AI boom.
- C3.ai's stock surged over 24% after reporting a narrower-than-expected loss and a revenue increase of 18% from the previous year.
- The company's partnership with tech giants Google and Amazon, along with a spike in demand for its AI software, contributed to its strong performance.
- Wedbush analysts raised their price target for C3.ai to $40, citing confidence in the company's growth trajectory amid the AI hype.
- C3.ai's CEO highlighted an 80% jump in customer engagement and a significant first mover advantage in enterprise AI.
- The company announced a CFO change, with Hitesh Lath taking over the role, marking the tenth CFO in less than a decade.
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