C3 AI explores sale amid leadership shakeup
C3 AI, the company behind AI tools for big names like Shell and the US Air Force, is exploring a potential sale, among other options, after its founder and longtime CEO Thomas Siebel, who transitioned to executive chairman in July and stepped down entirely in September due to health issues.
His departure comes at a tough time for the company.
Stock jumps despite ongoing financial struggles
C3 AI has been losing money—$116.8 million last quarter—and saw its revenue drop by 19%.
Things looked shaky enough that they pulled their yearly financial forecast.
Still, on November 10, their stock jumped over 3% with trading volume more than doubling, as investors took interest in what happens next.
New leadership faces uphill battle
Stephen Ehikian, who previously worked at Siebel Systems, is now leading C3 AI and trying to steer things back on track.
The company's next financial results come out December 3—everyone's watching to see if new leadership can turn things around as they compete with rivals like Palantir.