Jobs Cut At C3.ai: What's Going On With The Stock?

C3.ai, Inc. AI shares are trading lower following a Bloomberg report suggesting the company cut jobs last week.

What To Know:

Bloomberg reported that the cuts were related to employee performance and cost-cutting, not "lay-offs", and the employees who were released will receive only one-month's severence.

A company spokesperson stated, "“C3 AI continues to hire and fill open positions to fuel our strategic areas. We currently have jobs posted for 109 open positions. Like many high-performance companies, we regularly manage out lower performance employees.”

C3.ai had 914 employees at the end of April, and it is unclear how many employees were cut.

C3.ai shares had been trading nearly 7% higher Monday amid the weekend's sudden OpenAI and Microsoft Corporation MSFT corporate developments, but dropped dramatically as investors learned of the report.

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AI Price Action: According to Benzinga Pro, C3.ai shares closed down 4.36% for the session at $28.04.

Image: Pete Linforth from Pixabay