Shares of C3.ai (NYSE:AI) fell in after-hours trading after the company reported earnings for its first quarter of Fiscal Year 2024. Earnings per share came in at -$0.09, which beat analysts’ consensus estimate of -$0.17 per share.
Sales increased by 10.8% year-over-year, with revenue hitting $72.36 million. This beat analysts’ expectations by $0.76 million.
Looking forward, management now expects revenue and adjusted earnings for Q2 2024 to be in the ranges of $72 million to $76.5 million and -$27 million to -$40 million, respectively.
What is the Price Target for AI?
Turning to Wall Street, analysts have a Hold consensus rating on AI stock based on two Buys, five Holds, and three Sells assigned in the past three months, as indicated by the graphic above. Furthermore, the average price target of $29.88 per share implies 5% downside risk.