US Stock Market Move | The CEO stated that the Q1 sales performance is unacceptable, causing C3.ai (AI.US) to plummet over 23%.

On Monday, C3.ai (AI.US) fell over 23%, hitting a new low for the year at $16.86. On the news front, last Friday, C3.ai reported preliminary revenue for the first quarter of about $70.3 million, significantly lower than analysts' expectations of $104.3 million for the quarter ending July 31. C3.ai stated that the current Generally Accepted Accounting Principles (GAAP) operating loss is expected to be $124.7-124.9 million, while the non-GAAP operating loss is expected to be $57.7-57.9 million. As of July 31, the company held cash, cash equivalents, and marketable securities totaling $711.9 million. C3.ai Chairman and CEO Thomas Siebel said, "The good news is that we have completed a comprehensive restructuring of our sales and service organizations... The bad news is that the sales performance in the first quarter is simply unacceptable."