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C3.ai Inc. Class A (AI-1.08%) has submitted its 10-Q filing for the quarterly period ended October 31, 2024.
The filing reports total revenue of $94.3 million for the quarter, which is a 29% increase from the same period the previous year. Subscription revenue accounted for $81.2 million, marking a 22% increase year-over-year.
Professional services revenue increased by 94% to $13.2 million for the quarter, driven by a rise in prioritized engineering services.
Cost of revenue for the quarter was $36.5 million, resulting in a gross profit of $57.8 million and a gross margin of 61%.
Operating expenses totaled $133.1 million, with sales and marketing expenses at $55.6 million, research and development at $55.7 million, and general and administrative expenses at $21.8 million.
The company reported a net loss of $66.0 million for the quarter, compared to a net loss of $69.8 million in the same quarter of the previous year.
Interest income for the quarter was $9.6 million, while other income was recorded at $13, showing an improvement from a loss of $638,000 in the previous year.
C3.ai continues to focus on expanding its customer base and enhancing its AI software offerings, with a particular emphasis on generative AI technologies.
The company reported cash and cash equivalents of $121.3 million as of October 31, 2024, with marketable securities totaling $609.1 million.
C3.ai acknowledges the challenges posed by macroeconomic uncertainties, including inflation and geopolitical tensions, which may impact its operations and financial performance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the C3.ai Inc. Class A quarterly 10-Q report dated December 10, 2024. To report an error, please email earnings@qz.com.