Julie Morgan
👤 SpeakerAppearances Over Time
Podcast Appearances
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Welcome to Seeking Alpha's Wall Street Breakfast, where we cover the top news for investors every morning.
It's good to be with you on the 26th of February.
C3.ai is down 23% in pre-market action after posting a quarterly earnings miss and forecast revenue below expectations.
The company also pointed to soft results in Europe and North America in addition to unveiling job cuts.
The CEO outlined a comprehensive execution plan with five strategic initiatives.
He announced a major restructuring, cutting $135 million in expenses, including $60 million from a 26% headcount reduction, and said workforce changes are largely complete.
In terms of guidance, C3AI projected total revenue of $48 to $52 million for Q4, well below the consensus estimates of $77.72 million.
For the full year, total revenue is expected to reach $246.7 to $250.7 million, compared with the consensus forecast of $298.74 million.
The company, however, highlighted strong federal defense and aerospace bookings, noting federal bookings increased by 134% year-over-year and accounted for 55% of total bookings, with key customer wins including the U.S.
Department of Energy, NATO, Royal Navy, GSK, ExxonMobil, and U.S.
after reporting fiscal fourth quarter results and guidance that topped Wall Street's forecast by a wide margin.
For the period ending January 25th, Nvidia said it earned an adjusted $1.62 per share, as revenue soared 73% year-over-year to come in at $68.13 billion.
Analysts had expected the company to earn an adjusted $1.54 per share on $65.91 billion in revenue.
Looking ahead to the fiscal first quarter, NVIDIA expects revenue to be $78 billion, plus or minus 2%.