C3.ai Shares Surge on Strong Q3 Results and Outlook, Federal Revenue Growth
• C3.ai shares surged over 20% as Q3 results and guidance topped estimates; Wedbush boosted price target to $40 • Company seeing momentum in generative AI opportunity and investing to expand market share • Q4 revenue outlook of $82M-$86M ahead of $83.9M consensus estimate • Federal revenue up 100%+ year-over-year; secured new contracts with DoD, Air Force, and others • Subscription revenue rose 23% to $70.4M, making up 90% of total Q3 sales of $78.4M