C3.ai shares pop after company beats estimates, narrows annual revenue forecast

Software company C3.ai reported better-than-expected quarterly results and revised its full-year revenue forecast, leading to a surge in its shares during after-hours trading. The firm also announced the appointment of Hitesh Lath as its new Chief Financial Officer, effective from March 1, replacing Juho Parkkinen. C3.ai now predicts 2024 revenue between $306 million and $310 million, exceeding analysts’ estimates. The company’s strong performance is attributed to the growing demand for generative artificial intelligence capabilities in businesses, as well as the increasing reliance on AI-infused products in the IT industry. For Q4, the company anticipates revenue between $82 million and $86 million.