C3 AI named Salesforce veteran Stephen Ehikian CEO as the company cut its outlook for the fiscal second quarter and pulled full year guidance.
The company warned that its first quarter results would fall short of expectations and said Thomas Siebel would step down as CEO due to health issues.
Ehikian most recently was the Acting Administrator of the U.S. General Services Administration (GSA). Siebel will remain as Executive Chairman of C3 AI. Ehikian was CEO of RelateIQ and Airkit.ai, two companies that were acquired by Salesforce. RelateIQ turned into Salesforce Einstein and Airkit became the precusor to Agentforce.
The first chore for Ehikian is to stabilize sales. "I am confident that we will be able to capture an increasing share of the immense market opportunity in Enterprise AI," he said.
C3 AI reported a first quarter net loss of $116.8 million, or 86 cents a share, on revenue of $70.3 million, down from $87.2 million a year ago. The non-GAAP loss was 37 cents a share.
Siebel said C3 AI has restructured its sales and services organization and the company can accelerate growth from this base.
As for the outlook, C3 AI projected second quarter revenue of $72 million to $80 million with a non-GAAP loss from operations of $49.5 million to $57.5 million.
