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Investing.com -- In a significant development, artificial intelligence startup Builder.ai has reduced its sales figures previously shared with investors and has engaged auditors to scrutinize its accounts for the past two years. The company, backed by Microsoft Corp (NASDAQ:MSFT). and the Qatar Investment Authority, is based in London and has raised over $450 million in funding.
This adjustment, which was initiated last summer, was confirmed by Builder.ai in response to inquiries from Bloomberg News regarding the sales correction and allegations from former employees about inflated sales figures. The company has reduced its revenue estimates for the second half of 2024 by approximately 25% due to some sales channels not performing as expected.
Manpreet Ratia, the newly appointed CEO, spoke about this decision during his first interview as the head of the company. Builder.ai, which is nine years old, aids businesses in designing customized apps with minimal to no coding. Ratia indicated that it might be the appropriate time for the company to reassess and ensure its operations are in order. He stated, "It’s probably time to sit back and take pause. We need to do a little bit of work making sure we get our house in order.”
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