WORSE REPORTED RESULTS FOR C3.AI

C3.ai shares fell after lower-than-expected earnings in its fiscal second quarter, although its reported net loss improved slightly from a year earlier.

C3.ai posted a loss per share of 13 cents, better than analysts' expectations, but earnings fell short of the FactSet consensus.

The move to a consumption-based pricing model has gained support from potential merchants, leading to the closure of more than 100 pilots.

C3.ai remains a leader in AI-enabled enterprise software, although the earnings report caused a short-term decline in the stock.

C3.ai Inc, a renowned provider of enterprise artificial intelligence (AI) software, reported lower-than-expected earnings for its fiscal second quarter, leading the company's stock price to fall during Wednesday's extended trading activity. Despite reporting a net loss of $69.8 million, or 59 cents per share, the company's overall results paint a mixed picture. The reported loss represents a slight increase from the $68.9 million, or 63 cents per share, recorded in the same quarter a year earlier.

Looking at the adjusted financial results, C3.ai reported a loss per share of 13 cents, confounding the expectations of analysts who had predicted a loss of 18 cents per share. Despite the reported increase in revenue from the previous year: $73.2 million from $62.4 million, the figure still fell short of the FactSet consensus, which expected revenue of $74.3 million.

This development caused the company's stock to fall 8% during Wednesday's extended trading session.