Shares of C3 AI sank 17% on Thursday, trading at a record low, after the company reported disappointing third-quarter fiscal results and announced cuts to over a quarter of its workforce.

The enterprise artificial intelligence company with the ticker AI reported $53 million in third-quarter revenue, far below LSEG estimates of $76 million.

The company reported a loss of 40 cents per share, while analysts expected a loss of 29 cents per share.

“What I consistently hear is that every CEO is making AI a top strategic priority, and they want to realize measurable economic value from it. That is exactly what our products deliver,” CEO Stephen Ehikian said on the company’s…