Stocks traded mostly lower Thursday as investors worried over the prospect of the Federal Reserve keeping interest rates higher for longer.Shares of C3.ai fell 17% after the artificial intelligence software provider forecast a wider-than-expected fiscal-year loss and withdrew its previous forecast that it would reach profitability on an adjusted basis by the end of fiscal 2024.
Apple declined 3.3% after shares of the iPhone maker slumped 3.6% on Wednesday after China banned the use of iPhones for central government officials at work. Adjusted second-quarter earnings from business- automation software company UiPath beat Wall Street expectations and the stock rose 7.1%. UiPath said its expects fiscal third-quarter revenue of between $313 million and $318 million, and fiscal-year revenue of between $1.27 billion and $1.28 billion. Analysts had been estimating fiscal-year revenue of $1.27 billion. UiPath’s board also authorized the buyback of $500 million of stock.
Marketing-software company Yext was slumping 20% after reporting second-quarter adjusted earnings in line with analysts’ estimates. Yext said it expects third-quarter earnings of 6 cents to 7 cents a share on revenue of $101.5 million to $102.5 million. Fiscal-year earnings were forecast at 29 cents to 30 cents a share on revenue of between $405 million to $407 million. The outlooks for both periods were roughly in line with Wall Street expectations.
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