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C3.a1 forecast a better-than-expected revenue and profit for
both the fourth quarter and fiscal year 2023, after the AI
software company posted third-quarter results that topped Wall
Street estimates.
"The revenue was driven by execution of its consumption-based
pricing model, which provides clients with greater flexibility
and improved demand for its solutions," analysts at Piper
Sandler said.
Tailwinds from an improved business optimism are likely to boost
growth, the analysts added.
Shares of C3.ai climbed 16.14% to $24.73 before the bell, and
were among the top five stocks trending on StockTwits.
Other major AI stocks with strong premarket moves included
business support supplier Steelcase Inc, BigBear.ai,
conversation intelligence firm SoundHound AI and Thailand's
security firm Guardforce AI, jumping between 5.4% and 12%.
AI firms have been at the forefront of retail buying ever since
Microsoft Corp's investment in OpenAI's ChatGPT.
(Reporting by Ankika Biswas in Bengaluru; editing by Uttaresh
Venkateshwaran)
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