C3 AI

C3 AI shares plummeted 14% after announcing Stephen Ehikian as CEO and releasing disappointing fiscal first-quarter results. Revenue declined nearly 20% year-over-year to $70.3 million, with a widening GAAP net loss of $0.86 per share. The CEO change, triggered by former CEO Thomas Siebel’s health issues, adds to existing concerns regarding restructuring strategies and recent sales underperformance, which Siebel attributed to the reorganization’s disruptive effects. Ehikian expresses confidence in capturing a larger share of the Enterprise AI market.