C3.ai (NYSE:AI) reported fiscal first quarter results on Wednesday that exceeded analysts’ expectations, but the software maker now anticipates broader annual losses and no longer expects to achieve profitability in Q4, as it aims to increase investments in generative AI solutions. Following this report, C3.ai shares experienced more than a 12% decline in pre-market today.

The AI software company disclosed an adjusted loss of $0.09 per share with revenue amounting to $72.4 million, surpassing expectations for a loss of $0.17 per share and revenue of $71.56 million.

Looking ahead to fiscal 2024, the company now anticipates an adjusted loss ranging from $70 million to $100 million on revenue ranging from $295 million to $320.0 million. This contrasts with previous estimates of a loss between $50 million and $75 million on revenue ranging from $295 million to $320 million.

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