C3.ai stock drops on fiscal Q4 beat, in-line revenue view

C3.ai said backlog rose 23% to $294 million, while subscription revenue was up 17%.

C3.ai, the cloud-based, industrialized machine learning company that went public in December, this afternoon reported fiscal Q4 revenue and profit that topped Wall Street's expectations, and an outlook for this quarter's revenue roughly in line with consensus, but higher for the full year.

The report sent C3.ai shares down 6% in late trading. 

CEO and founder Tom Siebel remarked, "We achieved strong business and financial results in the fourth quarter and full fiscal year, as we advance our leadership position as the enterprise AI application software pure play."

Added Siebel. "The enterprise AI software market is rapidly growing, and we see accelerating interest in enterprise AI solutions across industries, geographies, and market segments. 

We are aggressively investing to extend our product and technology leadership and to expand our market-partner ecosystem and associated distribution capacity. As we continue to execute on delivering high-value outcomes for customers, we are increasingly well-positioned to establish a global market leadership position in enterprise AI application software. Bottom line, performance was strong across the board and we are planning for accelerating growth in the coming year."

Revenue in the three months ended in April rose 26%, year over year, to $52.3 million, yielding a net loss of 24 cents a share.

Analysts had been modeling $50.6 million and a 25-cent net loss per share.

The company's remaining performance obligation, a measure of backlog, rose 23% to $293.8 million.

It was the second quarter the company has reported since its December 9th IPO. The company's March 1st earnings report topped expectations and offered a higher-than-expected revenue forecast at the time. 

Also: C3.ai shares sell off despite fiscal Q3 revenue, EPS beat, higher forecast

For the current quarter, the company sees revenue of $50 million to $52 million. That compares to consensus for $50.8 million.

For the full year, the company sees revenue in a range of $243 million to $247 million. That compares to consensus of $240 million.