C3.Ai Inc ( AI ) shares are trading lower Thursday on the heels of the company’s first-quarter financial results. Multiple analysts lowered price targets on the AI stock following the report.

What Happened: C3.ai ( AI ) reported first-quarter revenue of $87.21 million, beating the consensus estimate of $86.94 million, according to Benzinga Pro. The company reported an adjusted loss of 5 cents per share, beating estimates for a loss of 13 cents per share.

Total revenue was up 21% year-over-year. Subscription revenue was up 20% year-over-year to $73.5 million. Net cash from operations totaled $8 million in the quarter and free cash flow came in at $7.1 million.

C3.ai ( AI ) said it ended the quarter with $762.5 million in cash, cash equivalents and marketable securities.

“We had a solid start to the fiscal year, with rising demand for Enterprise AI driving our sixth consecutive quarter of accelerating revenue growth,” said Thomas Siebel, chairman and CEO of C3.ai ( AI ).

“C3 AI is the original Enterprise AI company. Our unwavering commitment to solving the most challenging problems in the enterprise has led us to what we believe are the highest levels of customer satisfaction in the industry.”

See Also: C3.Ai Inc ( AI ) Q1 Earnings: Revenue Beat, EPS Beat, CEO Highlights ‘Accelerating Revenue Growth’

C3.ai ( AI ) expects second-quarter revenue to be between $88.6 million and $93.6 million. The company sees full-year revenue in the range of $370 million to $395 million versus estimates of $383 million, per Benzinga Pro.

Analyst Changes:

Piper Sandler analyst Arvind Ramnani maintained C3.ai ( AI ) with a Neutral and lowered the price target from $29 to $24.

Morgan Stanley analyst Sanjit Singh maintained C3.ai ( AI ) with an Underweight and lowered the price target from $23 to $21.

Wedbush analyst Daniel Ives maintained C3.ai ( AI ) with an Outperform and lowered the price target from $40 to $30.

Needham analyst Mike Cikos reiterated C3.ai ( AI ) with a Hold.

AI Price Action: C3.ai ( AI ) shares appear to be reacting negatively to the company’s subscription revenue results and price target cuts from analysts. The stock was down 18.7% at $18.70 at the time of publication Thursday, according to Benzinga Pro.

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