Categories AlphaGraphs, Earnings, Technology

Veritone Q3 revenue soars 103%, beats estimates

Veritone Inc. (VERI) reported a narrower loss in the third quarter as the contributions from recent acquisitions and organic sales growth in each of its vertical markets drove revenue higher. The top line exceeded analysts expectations while the bottom line came in wider than consensus estimates.

Net loss attributable to common stockholders lowered to $15.9 million or $0.86 per share from $19.4 million or $1.31 per share in the previous year quarter.

Veritone third quarter 2018 Earnings Infographic
Veritone Q3 2018 Earnings Infographics

Net revenues soared 103% to $7.5 million. This includes $2.2 million from its recent acquisitions. AI and Digital Content Solutions net revenues, excluding the company’s recent acquisitions, increased by 150%. Media Agency net revenues, excluding recent acquisition, rose by 31%.

The operating leverage provided by the increase in net revenues from its aiWARE operating system and the recent acquisitions drove gross profit higher by 74%.

At the aiWARE operating system, artificial intelligence customer count surged 151% to 93 by the end of the third quarter and the total AI accounts soared 273% to 634. At Veritone One Media Agency, active clients increased by 59% to 78 and net new clients under master service agreements rose 11% to 10 at the end of the third quarter.

The future workplace will be a mix of man, machine and algorithm

Looking ahead into the fourth quarter, the company expects AI customer count for its aiWARE operating system of 89 at year-end, a net decrease of 4 customers, due to expected non-renewals from certain Politics customers following the midterm election cycle, offset by new customer wins.

Total AI Accounts are anticipated to be 728 at year-end, an addition of 94 accounts. The company expects 275 Active Third-Party Cognitive Engines at year-end, an addition of 23 engines, and 2.9 million total hours of video and audio content processed on aiWARE during the quarter.

Shares of Veritone ended Monday’s regular session down 2.13% at $6.88 on the Nasdaq. The stock has fallen over 70% in the year so far and over 53% in the past three months.

 

Get access to timely and accurate verbatim transcripts that are published within hours of the event.

Most Popular

What to look for when CVS Health (CVS) reports Q3 earnings

Healthcare company CVS Health Corporation (NYSE: CVS) is all set to report earnings next week, with Wall Street expecting a mixed outcome. The company has been facing challenges in certain

eBay (EBAY): A few factors that helped drive growth in Q3 2024

Shares of eBay Inc. (NASDAQ: EBAY) stayed green on Friday. The stock has gained 32% year-to-date. The ecommerce leader delivered revenue and earnings growth for the third quarter of 2024,

CVX Earnings: Chevron reports lower revenue and profit for Q3 2024

Energy exploration company Chevron Corporation (NYSE: CVX) on Friday announced third-quarter 2024 financial results, reporting a decline in net profit and revenues. Net income attributable to Chevron Corporation dropped to

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top