Still can't find a reason for VERI move. Recent Earnings are here-
Veritone +9.2% after Q3 brings record revenues, aiWARE gains
Nov. 09, 2020 5:54 PM ETVeritone, Inc. (VERI)By:
Veritone +9.2% after Q3 brings record revenues, aiWARE gains
Nov. 09, 2020 5:54 PM ETVeritone, Inc. (VERI)By:
- Veritone (NASDAQ:VERI) is up 9.2% postmarket after it topped expectations with Q3 earnings that featured record revenues and improved losses.
- Revenues rose nearly 23% to a record $15.7M, and were up 18% from the prior quarter. Revenues from aiWARE software-as-a-service solutions grew 43% to $3.4M.
- This is the new stuff--- ai Ware)
- Gross profit rose 30% to $11.2M, and it led to a 22% improvement in GAAP net loss to $11M.
- Non-GAAP net loss improved to $4.3M, 56% better than the prior year.
- "Our momentum was boosted by our timely and well received move into aiWARE solutions for energy, which complement our growing presence in the media and entertainment and government, legal and compliance markets," says CEO/Chairman Chad Steelberg.
- Cash and equivalents were $54.3M, with no long-term debt.
- For Q4, it's expecting revenue of $16M-$16.4M (up 30% at the midpoint), with non-GAAP net loss of $4.5M-$4M (47% improvement).