daz999999999
02-27 00:27
C3.ai, Inc. (AI) experienced a sharp pre-market plunge of 23.28% on Thursday, extending significant losses from the prior after-hours session.


The sell-off was triggered by the company's disappointing third-quarter financial results, which fell well short of market expectations. C3.ai reported revenue of $53.3 million, a 46% year-over-year decline that missed analyst estimates of approximately $75.6 million. The company's adjusted loss per share of $0.40 was also wider than the anticipated loss of $0.29.


Furthermore, management provided weak guidance for the current fourth quarter, projecting revenue between $48 million and $52 million, sharply below the consensus estimate of $77.7 million. Concurrently, the company announced a major restructuring plan under new CEO Stephen Ehikian, which includes a 26% reduction in its global workforce and aims to cut non-employee costs by 30% by fiscal year 2027. These developments indicate ongoing challenges in the company's path to profitability.
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