C3.ai Inc (NYSE:AI) reported Q1 results with top and bottom-line beats, overshadowed by gross margin weakness and mixed guidance. Total revenue was $72.4 million, above the Street’s $71.6 million estimate. Non-GAAP gross margin was 68.6%, below the Street’s 73.1% estimate. The company lowered its operating income guidance to ($100.0) million - ($70.0) million. Wedbush analyst Daniel Ives maintained an Outperform rating but lowered the price target from $50 to $42. AI shares traded lower by 12.8%.