C3 AI: 224 jobs cut
C3 AI, an enterprise artificial intelligence company, announced layoffs affecting 26% of its global workforce as part of a restructuring plan. CEO Stephen Ehikian stated the company's cost structure was 'simply too high' following disappointing third-quarter results that missed revenue expectations by nearly $23 million. The restructuring also includes a 30% reduction in non-employee costs and is intended to improve operating efficiency. C3 AI shares plunged 17% following the announcement, reaching record lows.
Conservative
0
Core Estimate
90
Upper Bound
157
Sources
C3 AI shares plummet as company announces global layoffs
C3 AI shares plummet as company announces global layoffs Key Points - The enterprise artificial intelligence company’s restructuring plan also includes a 30% reduction in non-employee costs. - CEO Stephen Ehikian told shareholders that the company’s cost structure was “simply too high.” - C3 AI stock plunged 17% Thursday morning after the company missed third-quarter expectations and announced widespread layoffs. Jonathan Raa | Nurphoto | Getty Images Shares of C3 AI sank 17% on Thursday, tr