In this articleAI your favorite stocksCREATE FREE ACCOUNTThe C3.ai logo is seen near a computer motherboard in this illustration taken on Jan.
8, 2024.Dado Ruvic | Reute of the enterprise artificial intelligence company C3 AI fell 14% in ext trading on Wednesday after it announced fiscal first-quarter results and the appointment of Stephen Ehikian as its new CEO.C3 AI reported $70.3 million in revenue for the quarter, down from $87.2 million during the same period last year.
The company's GAAP net loss widened to an 86-cent loss from a 50-cent loss a year ago.Ehikian is a long-time executive who built two companies that were both acquired by Salesforce, C3 AI said.
C3 AI said Ehikian assumed the new role on Sept.
1.C3 AI kicked off a for a new chief executive in July after its former CEO, Thomas Siebel revealed that he was diagnosed with an autoimmune disease earlier this year that resulted in "significant visual impairment."Read more CNBC newsKlarna aims to raise up to $1.27 billion in U.S.
IPOTesla asks for $243 million verdict to be tossed in fatal Autopilot crash suitAlibaba is a new AI chip — here's what we know so farMeta changes teen AI chatbot responses as Senate begins be into 'romantic' conversations"C3 AI is one of the most important companies in the AI landscape and enterprise software, with a platform and applications that are unmatched," Ehikian said.
"I am confident that we will be able to capture an increasing of the immense market opportunity in Enterprise AI."The company has had a rocky few months since Siebel's diagnosis.
s plunged in August after C3 AI announced 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, as well as his health issues.watch now0:5600:56C3.ai s plummet 14% after withdrawing previous guidance and new CEO announcementClosing Bell: Overtime