C3.ai second-quarter loss widened as revenue declined in the company's first quarterly earnings report under its new leadership.
C3.ai shares fell 3% in after hours trading.
The information technology company Wednesday posted a fiscal second-quarter loss of $104.7 million, or 75 cents a share, compared with a loss of $66 million, or 52 cents a share, a year earlier.
Stripping out certain one-time items, adjusted per-share loss was 25 cents, compared with the 33 cent loss per share analysts were expecting, according to Factset.
Revenue was $75.1 million, down from $94.3 million a year earlier. Analysts were forecasting revenue of $74.9 million.
C3.ai reported falling revenue across both subscriptions and professional services. Subscription revenue fell to $70.2 million from $81.2 million a year earlier, while professional services revenue fell to $4.9 million from $13.2 million.
The cost of revenue grew to $42.9 million from $36 million a year earlier.
For the current third quarter, the company forecast revenue of $72 million to $80 million. Analysts are expecting $75.6 million, according to FactSet.
The company said full-year revenue would be between $289.5 million and $309.5 million. Analysts are forecasting $298.7 million.
The company shook up its sales and services organization and brought in Chief Executive Office Stephen Ehikian in the last quarter after posting earnings that former CEO Thomas Siebel described at the time as "completely unacceptable."
Ehikian said a detailed execution plan has been developed to put C3.ai on the path to profitability.
"This plan prioritizes our execution in areas where we have demonstrable leadership, clear customer success, and the right to win, and concentrates our efforts on our fastest-growing sectors," Ehikian said.
