Veritone -12% as revenues, profits fall short

|About: Veritone (VERI)|By:, SA News Editor

Veritone (NASDAQ:VERI) has slid 12% in postmarket trading after it posted a miss on top and bottom lines in its Q2 earnings

Revenues grew just 2%. Net loss narrowed to $14.3M from a year-ago loss of $25M, but EPS was still short of expectations. Monthly recurring revenue rose 62% to $214,000.

EBITDA was -$11M, short of an expected -$10.4M.

Customers, meanwhile, grew 126% to 86, and accounts were up 270% to 625. Third-party cognitive engines grew 210% to 214, and hours of video/audio processed rose 523% to 2.729M.

Liquidity was $78.2M against no long-term debt.

For Q3, in its key performance indicators, the company is targeting adding nine AI customers to reach 95; to add 30 AI accounts to bring that total to 655; add 20 third-party cognitive engines integrated with aiWARE to bring that total to 234; and process 2.7M total hours of video/audio on aiWARE.

Conference call to come at 4:30 p.m. ET.

Press release

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