C3.Ai Inc ( AI ) shares are falling Thursday after the company reported first-quarter financial results that fell short of analyst expectations. Multiple analysts also lowered price targets following the print.

What Happened: C3.AI ( AI ) missed analyst estimates on the top and bottom lines in the first quarter, reporting revenue of $70.26 million versus estimates of $94.58 million, and an adjusted loss of 37 cents per share versus estimates for a loss of 20 cents per share.

C3.ai ( AI ) guided for second-quarter revenue of $72 million to $80 million versus estimates of $100.71 million. The company did not provide guidance for fiscal-year 2026.

C3.AI ( AI ) also announced that CEO Thomas Siebel has been replaced by Stephen Ehikian as of Sept. 1. Siebel will continue to serve as executive chairman of the company.

“The good news is we have completely restructured the sales and services organization, including new and highly experienced leadership across the board to ensure a return to accelerating growth and increased customer success at C3.ai ( AI ), and even better, we have appointed an exceptionally talented new CEO to take the company to the next level and realize the full potential of the business. The bad news is that financial performance in Q1 was completely unacceptable,” Siebel said.

Following the company’s quarterly results, JMP Securities analyst Patrick Walravens maintained a Market Outperform and lowered the price target from $30 to $24. Needham reiterated a Hold rating and Keybanc maintained an Underweight and lowered the price target from $18 to $10.

AI Price Action: C3.AI ( AI ) shares were down 4.65% at $15.91 at the time of publication on Thursday, according to Benzinga Pro.

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