(Bloomberg) -- C3.ai Inc., a data analysis software company, plunged 18% in extended trading after reporting quarterly subscription revenue that missed estimates.
Subscription revenue in the fiscal first quarter was $73.5 million, the company said Wednesday in a statement. Analysts, on average, projected of $79.1 million.
C3.ai has been introducing products with generative artificial intelligence, benefiting from interest in AI by corporate customers. The Redwood City, California-based company said it closed 17 generative AI pilot projects in the quarter ended July 31 with large corporations and government entities.
The shares fell to a low of $18.44 after closing at $23.01 in New York. After more than doubling in 2023, the stock has declined 20% this year.
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