C3 AI shares plummet as company cuts 26% of workforce, posts wider loss than expected

Core Viewpoint - C3 AI's shares dropped 17% to a record low following disappointing Q3 fiscal results and a significant workforce reduction Financial Performance - C3 AI reported $53 million in Q3 revenue, significantly below LSEG estimates of $76 million [1] - The company incurred a loss of 40 cents per share, compared to analysts' expectations of a loss of 29 cents per share [1] Workforce and Restructuring - The company announced a restructuring plan that will eliminate 26% of its global workforce [2] - CEO Stephen Ehikian indicated that the cost structure was too high and the organization was not aligned with opportunities [2] - The restructuring plan aims to materially improve operating efficiency and includes a 30% reduction in non-employee costs [3]