Business Stock Is Rising. It Expects to Top Revenue Forecasts.

CEO Thomas Siebel said was on track to be profitable by the end of its current fiscal year.

F. Carter Smith/Bloomberg shares rose early Monday after the company said it is on track to beat its guidance for its fiscal fourth quarter. It’s a boost for the artificial-intelligence software provider as it aims for profitability. (ticker: AI) said for the quarter ended April 30 it now expects to report an adjusted operating loss in the range of $23.7 million-$23.9 million, compared with previous guidance of $24.0 million-$28.0 million. 

It expects quarterly revenue of $72.1 million-$72.4 million, ahead of prior guidance of $70.0 million-$72.2 million, it said in preliminary results released Monday.

In its third fiscal quarter to the end of January, posted an adjusted operating loss of $15.0 million on revenue of $66.7 million.

“We are well positioned to accelerate growth, gain market share, attain sustainable non-GAAP profitability, and establish a market-leading position globally in enterprise AI. FY 2024 will be exciting,” CEO Thomas Siebel said in the company’s statement

Shares were up 7% in premarket trading to $20.79. The stock was up 74% this year as of Friday’s close, despite being hit earlier this year by a short-seller report. said it closed 43 deals in the quarter and that its consumption-based pricing model continues to be well received by customers. The switch from a subscription-based pricing model has been a focus of skepticism for some analysts, who said it was likely to be a drag on revenue growth.

The company said it continues to be on track to be profitable on a non-GAAP, or adjusted, basis by the end of fiscal 2024.

The company is expected to report fiscal fourth quarter earnings on May 31.

Write to Adam Clark at [email protected]

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