The C3.ai emblem is seen close to a pc motherboard on this illustration taken on Jan. 8, 2024.
Dado Ruvic | Reuters
Shares of the enterprise artificial intelligence firm C3 AI fell 14% in prolonged buying and selling on Wednesday after it introduced fiscal first-quarter outcomes and the appointment of Stephen Ehikian as its new CEO.
C3 AI reported $70.3 million in income for the quarter, down from $87.2 million throughout the identical interval final yr. The firm’s GAAP web loss widened to an 86-cent loss from a 50-cent loss a yr in the past.
Ehikian is a long-time tech government who constructed two corporations that had been each acquired by Salesforce, C3 AI mentioned. C3 AI mentioned Ehikian assumed the new position on Sept. 1.
C3 AI kicked off a seek for a new chief government in July after its former CEO, Thomas Siebel revealed that he was recognized with an autoimmune illness earlier this yr that resulted in “significant visual impairment.”
“C3 AI is one of the most important companies in the AI landscape and enterprise software, with a platform and applications that are unmatched,” Ehikian mentioned. “I am confident that we will be able to capture an increasing share of the immense market opportunity in Enterprise AI.”
The firm has had a rocky few months since Siebel’s analysis.
Shares plunged in August after C3 AI introduced disappointing preliminary monetary outcomes and a restructuring of its world gross sales and providers group.
Siebel mentioned in an August assertion that gross sales outcomes through the quarter had been “completely unacceptable.” He attributed the efficiency to the “disruptive effect” of the reorganization, in addition to his ongoing well being points.
