"We have crafted a detailed financial model that precisely allocates every human resource, measures and meters every dollar of expense, and details every revenue source by line of business by market. I believe the execution of this plan will facilitate our return to growth and provide a clear pathway to cash generation and non-GAAP profitability."
"In a WARN document filed with California officials, as is mandated in the event of mass layoffs, C3 gave notice for 71 Redwood City layoffs. Eighteen data scientists and about 45 engineers in various roles are losing their jobs, according to the document."
"C3, which touts several federal government agencies as customers for its various AI application tools, shed a chunk of its staff on Monday. The cuts come as the company attempts a turnaround; founder and longtime CEO Tom Siebel stepped down from the top job amid health challenges in July, precipitating a stock-price drop-off and a decline in revenue."
C3.AI, an AI software company serving federal government agencies, conducted significant layoffs at its Redwood City headquarters, eliminating 71 positions including data scientists and engineers. The cuts occur during a critical turnaround period following founder Tom Siebel's departure as CEO in July due to health challenges, which triggered stock price declines and revenue drops. New CEO Stephen Ehikian implemented the layoffs after completing an exhaustive financial review to monitor spending and allocate resources more precisely. The company, which employed 1,181 full-time employees as of April, reported the layoffs via a WARN document filed with California officials. Ehikian outlined a detailed financial model designed to achieve profitability and cash generation, addressing past sales execution challenges.
#corporate-layoffs #ai-software-company #business-turnaround #financial-restructuring #leadership-change
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