Jonathan Greig
| December 1, 2021
| Topic: Finance
C3 AI reported its fiscal second quarter results on Wednesday afternoon, beating Wall Street estimates.
C3 AI reported second quarter revenue of $58.3 million, up 41% from a year ago, with a net loss of 23 cents a share. C3 AI ended the quarter with 104 customers, up 63% from a year ago.
The report sent C3.ai shares up 2.48% in late trading.
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Wall Street was expecting fiscal second quarter revenue of $57 million and a non-GAAP loss of 29 cents a share.
The company said it was expanding its relationship with Baker Hughes from a contract worth $45 million to one worth $495 million over six years. The deal guarantees that C3 AI will bring in a minimum of $357 million of GAAP revenue over the next 3.5 years.
“We closed another strong quarter, including a revenue increase of 41% from a year ago that exceeds our guidance and sell-side analysts’ expectations,” said CEO Thomas Siebel.
“We expanded our important relationship with Baker Hughes extending the contract term, significantly increasing its value, and securing that value as a guaranteed future C3 AI revenue stream. We further diversified our enterprise AI production footprint across many industries and continued to innovate with the delivery of C3 AI Data Vision, that fundamentally reinvents the enterprise software user experience,” Siebel added.
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As for the outlook, C3 projected third quarter revenue of $66 million to $68 million. For fiscal 2022, C3 said revenue will be between $248 million to $251 million.
C3 AI added that it had expanded throughout the quarter into agricultural and manufacturing industries as well as insurance and financial services, signing deals with Cargill, Johnson Controls and Shell.
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