The c3.ai logo can be seen near the computer motherboard in this illustration, taken on January 8, 2024.
Dado Ruvic | Reuters
Enterprise Artificial Intelligence Company Stocks C3 AI It fell 14% in extended transactions on Wednesday after it announced its fiscal first quarter results and the appointment of Stephen Ehikian as new CEO.
C3 AI reported quarterly revenue of $70.3 million, down from $87.2 million in the same period last year. The company’s GAAP net losses increased from a 50 cent loss a year ago to a loss of 86 cents.
Ehikian is a longtime high-tech executive, and both built two companies that were acquired Salesforcesaid C3 AI. C3 AI said Ehikian took on a new role on September 1st.
C3 AI began a search for a new CEO in July after former CEO Thomas Siebel was diagnosed with an autoimmune disease earlier this year, causing “severe visual impairment.”
“C3 AI is one of the most important companies in AI landscape and enterprise software, with unparalleled platforms and applications,” Ehikian says. “We are confident that we will capture an increasing share of immeasurable market opportunities in Enterprise AI.”
The company has been rocky months since its diagnosis of Siebel.
Stocks plummeted in August after C3 AI announced a disappointing preliminary financial results and a restructuring of its global sales and services organization.
Siebel said in an August statement that sales results during the quarter were “completely unacceptable.” He attributed the performance to the “disruptive effect” of the reorganization and his ongoing health problems.
