C3.ai (NYSE: AI) shares initially jumped higher but have since moved back to breakeven following second-quarter results after the close Wednesday that beat on the top and bottom line, though guidance was slightly below the Street for the next quarter.

Total revenue for the quarter rose 7% to $62.4 million, versus the consensus estimate of $60.82 million. Subscription revenue rose 26% to $59.5 million.

The company posted a non-GAAP EPS of ($0.11), easily topping the consensus of ($0.22).

“It was a solid second quarter, with subscription revenue growing 26% year over year,” said CEO Thomas M. Siebel. “We made substantial progress ramping our consumption-based sales motion effort, which has been well received by our customers, partners, and sales organization. We expect consumption-based sales will be a substantial contributor to growth in forthcoming quarters.”

Looking ahead, the company sees third-quarter revenue of $63-$65 million, versus the consensus of $66.79 million.

For the year, the company sees revenue of $255-$270 million, versus the consensus of $260.83 million.

By StreetInsider.com Staff