C3.ai shares fell about 30% on Monday after the enterprise-software company warned that revenue for its July quarter will be far weaker than Wall Street expected. The stock traded as much as 32% lower in pre-market dealings before paring some of the decline. The company said it now expects fiscal first-quarter revenue of $70.2 million to $70.4 million, compared with analyst estimates of roughly $104 million. The new range implies the top line will be roughly one-third below prior guidance. C3.ai also forecast a GAAP operating loss of between $124.7 million and $124.9 million, more than double the loss booked in the same period a year earlier, according to the figures released. DA Davidson responded to the update by cutting its rating on the stock to Underperform, citing the magnitude of the revenue miss, widening losses and continuing leadership turnover. Other brokers warned that the setback could complicate C3.ai’s push to convert pilot projects into large-scale contracts. Monday’s plunge erases more than $2 billion in market value and leaves the shares down sharply for the year. Investors will look for more detail on demand trends and margin pressures when the company formally reports results next month.