C3.ai (AI) reported first-quarter earnings that largely met market expectations. The artificial intelligence software provider posted revenue of $87.2 million, coming in line with analyst estimates. Adjusted earnings per share (EPS) outperformed expectations, with a loss of $0.05 per share compared to the anticipated $0.13 loss per share. However, Wall Street was not impressed with the stock plummeting and multiple firms cutting targets on the report.
C3.ai Chairman and CEO Tom Siebel joined Morning Brief to discuss the results, characterizing it as "a great quarter" for the company despite mixed reactions from investors.
Siebel highlighted several positive aspects, including 21% year-over-year growth, increased deal volume, and a cash-positive quarter, stating that "there was nothing that wasn’t good about the quarter."
Addressing investor concerns, Siebel suggested that the market might be "overreacting" to the professional services numbers, which he noted were "a little bit larger than they thought." He defended the company’s performance against perceived weaknesses, emphasizing growth in software sales, expansion in generative AI applications, and increased bookings in state, local, and federal sectors.
Siebel reiterated C3 AI’s overall business remains "very healthy," with the company positioned for continued growth.
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