C3.ai, Inc. (NYSE:AI) is scheduled to report its third quarter Fiscal Year 2023 results on March 2, after the market closes. The growing importance of artificial intelligence and machine learning, along with the company’s efforts to launch new products, might have supported its performance in the to-be-reported quarter.
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The company provides software services in one integrated suite to rapidly develop and operate Enterprise AI applications.
The Street expects C3.ai to post a loss of $0.22 per share in Q3, compared with a loss of $0.07 in the prior-year period. Meanwhile, revenue expectations are pegged at $64.22 million, representing a year-over-year jump of 8%.
In its Q2 earnings call, the company said it expects revenue in the range of $63 million to $65 million. Further, adjusted loss from operations is anticipated to fall between $25 million and $29 million.
What is the Price Target for C3.ai Stock?
AI has a Hold consensus rating based on two Buy, three Hold, and three Sell ratings assigned in the past three months. The average C3.ai stock price target of $16.14 implies 28.5% downside potential.
Concluding Thoughts
Given the hype about AI (following the launch of ChatGPT), more and more companies are looking for enterprise-scale AI applications. This is likely to have aided C3.ai’s top-line growth. Furthermore, investors are likely to keep a close watch on management’s commentary about becoming profitable.