C3.ai AI recently made its C3 Generative AI Product Suite available publicly on Alphabet’s GOOGL cloud-arm Google Cloud Marketplace. This joins its other AI solutions previously made available on the Google Cloud, streamlining customer’s procurement and onboarding process.
The C3 Generative AI Product Suite provides a transformative human-computer interaction model that enables users at the largest organizations to easily interact with complex applications to find relevant information and take concrete action.
C3 Generative AI has been made available as a standalone application and also packaged as part of existing C3 AI applications such as C3 AI Readiness, C3 AI ESG, and C3 AI Supply Network Risk.
The Marketplace platform helps C3.ai in expanding its user base, thereby driving the top line.
It allows interested parties to standardize multiple purchasing functions into a single step, including negotiation and deployment.
C3.ai, Inc. Price and Consensus
C3.ai, Inc. price-consensus-chart | C3.ai, Inc. Quote
During third-quarter fiscal 2023, C3 AI and Google Cloud closed eight new customer deals and expanded their joint pipeline. The company made substantial progress to ensure that all C3 products perform optimally in the Google cloud environment.
Expanding Partnerships to Boost C3.ai’s Prospects
C3.ai’s strong partner base is helping in portfolio expansion. Shares of C3.ai have increased 153.9% year to date outperforming the Zacks Computer & Technology sector’s increase of 24.5% during the same time frame.
It banks on a strong partner ecosystem with enterprises like Google Cloud, Amazon’s AMZN cloud division Amazon Web Services (AWS) and Microsoft MSFT Azure, helping C3.ai to win customers regularly.
C3.ai expanded its partnership with Google, strengthening their joint selling and co-development efforts. In third-quarter 2023, the combined sales teams identified 291 enterprise opportunities for their joint solutions, out of which 100 were engaged in licensing discussions.
C3.ai and Amazon renewed and expanded their go-to-market partnership. During the fiscal third quarter, C3.ai and AWS closed six new agreements and are jointly pursuing 75 new opportunities, of which 41 are highly qualified.
C3.ai and Azure collaborated to close a global U.S. Energy company and a European Technology company serving the Construction and Mining sectors. It cooperated to deliver a highly successful pilot engagement to a large U.S. Defense Agency.
C3.ai’s Performance to Boost Prospects
C3.ai’s customer growth increased 8.3% year over year and ended the fiscal third quarter with 236 customers. The momentum will likely continue with an increasing demand for its solutions in recent times, addressing a wide range of applications across industries.
The company expects its generative AI to facilitate the ease of use and the capability of enterprise AI applications. It plans to incorporate its C3 AI generative search capability into the C3 platform and applications and making it available to its customer base.
This Zacks Rank #3 (Hold) company expects fiscal fourth-quarter revenues between $70 million and $72 million. For fiscal 2023, C3.ai raised its guidance and expects revenues between $264 million and $266 million. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
However, the Zacks Consensus Estimate for fourth-quarter fiscal 2023 revenues is pegged at $71.18 million, indicating a 1.57% decline in growth from the figure reported in the year-ago quarter.
The consensus mark for fourth-quarter fiscal 2023 loss remained unchanged at 17 cents per share in the past 30 days, indicating a year-over-year growth of 19.05%.
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