C3.ai drops 2024 profit goal
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 7 September 2023
⏱️ 8 minutes
🧾️ Download transcript
Summary
Episode transcripts seekingalpha.com/wsb.
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Transcript
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| 0:00.0 | Welcome to See King Alpha's Wall Street breakfast, where we cover the top news for investors every morning. |
| 0:07.0 | Good morning, today is Thursday, September 7th, and I'm your host Julie Morgan. |
| 0:12.0 | C3AI updates its outlook for fiscal year 2024. |
| 0:17.0 | CLSA names three Chinese companies that will lead AI innovation, |
| 0:22.0 | and China is reportedly ordering government agencies to stop using |
| 0:26.7 | Apple's iPhone. C3 AI says it will not be profitable on a non-gap basis by the end of fiscal year 2024 as it had previously |
| 0:37.0 | planned. Class A shares of C3 AI are down 10% pre-market following that announcement. |
| 0:43.1 | But it is worth noting that the stock has more than doubled year to date, |
| 0:47.0 | up 184.2% amid a huge rally in technology stocks |
| 0:51.9 | and AI-related stocks in particular. |
| 0:54.3 | The company provides software that uses enterprise artificial intelligence |
| 0:58.8 | or solutions that apply AI and machine learning to digitally solve problems faced by organizations. |
| 1:05.8 | C3 AI said in a statement that it will invest in lead generation, branding, market awareness, |
| 1:12.2 | and customer success related to their generative AI solutions. |
| 1:16.4 | And as a result of this decision, C3 AI said it does not expect to be non-gap profitable in Q4 of fiscal year 2024, though it still |
| 1:26.3 | anticipates being cash positive in that period and in fiscal year 2025. Investment firm CLSA said Alibaba Baidu and Tinsent are its top picks as the |
| 1:38.6 | investment firm sees the trio leading the innovation in artificial intelligence in China. |
| 1:44.0 | The analysts noted that China is expected to become the second largest AI market in the world, |
| 1:49.3 | behind the US, with more than 6% of the $1 trillion in AI spending by 2026. |
| 1:56.2 | Earlier this month, Baidu said its generative AI chatbot, known as Ernie, is now fully |
| 2:01.8 | open to the general public. |
| 2:03.5 | The company also said it will soon launch a suite of new AI native apps |
... |
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