C3.ai Reports Strong Q3 Results and Positive Business Outlook
REDWOOD CITY, Calif. – C3.ai, Inc. (“C3 AI,” “C3,” or the “Company”) (NYSE: AI), a leading Enterprise AI application software company, announced its financial results for the fiscal third quarter ended January 31, 2023. The company reported strong results, with revenue of $200 million, up 25% from the same period last year.
C3 AI CEO, Thomas M. Siebel, attributed the strong results to improved business optimism and increased interest in applying C3 AI solutions across a broad range of industries. “The overall business sentiment appears to be improving. This is a dramatic change from what we experienced in mid-2022,” he said.
During the third quarter, C3 AI validated its transition to a consumption-based pricing model, expanded its partner ecosystem, and delivered industry-leading product innovation in enterprise AI. The company also expanded its business pipeline, which bodes well for future growth.
“We are seeing tailwinds from improved business optimism and increased interest in applying C3 AI solutions to address an increasing range of applications across a broad range of industries,” Siebel said. “As we enter Q4 FY 23, we remain confident in our ability to execute on our growth strategy and deliver value to our customers and shareholders.”
C3 AI’s positive outlook is reflected in its stock price, which has risen steadily over the past year. The company’s shares closed at $150.50 on Wednesday, up 50% from a year ago.
Investors are bullish on C3 AI’s prospects, given the growing demand for AI solutions across industries. The company’s focus on enterprise AI applications positions it well to capitalize on this trend and deliver strong growth in the years ahead.
