The company C3ai (AI.US) is gaining nearly 20% today following the release of preliminary financial results. Markets saw them as a signal that momentum around artificial intelligence could actually improve the company. Preliminary Q1 revenues beat Wall Street's expectations - $72,1 mln to $72,4 mln vs $71,1 mln expected The company expects annual sales of 266.5 million to 266.8 million versus $264 million to $266 million estimates previously. In Q1, C3ai closed 43 deals, including 19 pilot projects.
- The company's financial situation and the impact of AI's popularity on its business and revenues has been the subject of lively discussion in the stock market in recent months;
- Morgan Stanley analysts optimistically commented on the results, citing the encouraging business environment around AI. They also pointed out that the preliminary data shows that AI can indeed bring financial benefits to the company.
- The company presciently indicated that its confidence about future business has never been higher which is reflected in increased business activity. However, C3ai ntends to reach profitability until April 2024.
C3ai (AI.US) shares, H1 interval. The share price climbed above the SMA200 and 61.8 Fibonacci retracement after the stock opened Wall Street session with a huge bullish upward gap. Source: xStation5
