Feb 25 (Reuters) - Software provider C3.ai said it is cutting 26% of its global workforce as part of a restructuring push under new CEO Stephen Ehikian, and also forecast current-quarter sales below estimates, sending its shares down 20% in extended trading.
The company, which had roughly 1,181 full-time employees as of April 30, 2025, said on Wednesday it expected to record about $10 million to $12 million in restructuring charges this quarter, and aims to cut non-wages-related costs by around 30% by late 2027.
For the third quarter, C3.ai's adjusted net loss per share of 40 cents came in wider than analysts' average estimate of a loss of 29 cents, according to data compiled by LSEG.
"It was clear to me that we were not organized appropriately. We've reduced our cost structure and cash burn. We've restructured and flattened the sales organization," Ehikian, who took charge in September, said in a statement.
It expects fourth-quarter revenue between $48 million and $52 million, sharply lower than estimates of $77.47 million.
C3.ai projected annual adjusted loss from operations of about $219.5 million to $227.5 million, compared with a loss of $324.4 million reported in fiscal 2025.
(Reporting by Juveria Tabassum in Bengaluru; Editing by Sherry Jacob-Phillips)
