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Investing.com -- Enterprise software maker C3.ai on Wednesday reported a steeper-than-expected quarterly loss and revenue well below Wall Street estimates, while also naming a new chief executive officer. Shares fell 13% in extended trading.
The company posted a first-quarter loss of 37 cents per share, compared with analysts’ estimates of a 20-cent loss.
Revenue came in at $70.3 million, missing expectations of $94.5 million.
For the current quarter, C3.ai projected revenue of $72 million to $80 million, short of analysts’ average estimate of $99.6 million.
The company said Stephen Ehikian was appointed CEO effective Sept. 1.
Founder Thomas Siebel, who had led the firm since its inception, will remain executive chairman.
Siebel called the company’s financial performance “completely unacceptable,” citing the disruptive effects of a recent sales and services reorganization and his own health issues, which limited his involvement in customer engagements.