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C3.AI REVENUE RISES 19 PERCENT Featured

A 35.8-percent increase in operating expenses helped push C3.ai to a 72-percent increase in its loss for the third quarter ended January 31. Backed by Microsoft and Koch Industries, the company is  CEO Thomas Siebel’s venture that is designed to counter Salesforce.com’s dominance in the CRM market.

It was the organization’s first report as a publicly traded company. For the most recently ended quarterly,  C3.ai lost $16.9 million, compared to a loss of $9.8 million a year ago.. Revenue for the period was $49.1 million, compared to $41.3 million in last year’s corresponding quarter. Operating expenses were $55.4 million up, from $40.8 million in last year’s corresponding period. Subscription revenue of $42.7 million rose 23 percent year-over-year from $34.6 million while revenue from professional services fell 4 percent to $6.4 million from $6.7 million. Siebel noted that the company has signed an agreement with Infor to integrate the C3.ai Suite with many of its products and also to market the product under the Infor name. During the recent earnings webcast, CFO David Barter said 24 percent of third quarter revenue was from EMEA and APAC. He also said revenue came from six industry verticals, including the newer verticals of life sciences and financial services. Overall, the vertical represented 24 percent of third-quarter revenue. Life sciences growth was notable as it contributed 7 percent of year-to-date revenue compared to 1 percent a year earlier.

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