C3.ai Stock Soars 25% as Quarterly Results Top Estimates; CEO Cites Surging AI Software Demand
• C3.ai shares surged over 24% on Thursday after the company posted better-than-expected quarterly results and guidance.
• Revenue was up 17.6% year-over-year to $78.4 million, ahead of estimates. The company also issued strong guidance.
• CEO Thomas Siebel said customer engagement jumped 80% as demand for AI software is accelerating.
• Wedbush raised its price target on C3.ai stock to $40 from $35, citing confidence in the company's growth story.
• The company announced its CFO will step down and be replaced, effective March 1st.