Veritone’s Strategic Shift and Financial Outlook

Veritone ( (VERI) ) has released its Q3 earnings. Here is a breakdown of the information Veritone presented to its investors.

Veritone, Inc. (NASDAQ: VERI) is a company that specializes in developing human-centered AI solutions, serving industries such as media, entertainment, public sector, and talent acquisition with its aiWARE™ platform. In its third-quarter 2024 earnings report, Veritone reported a revenue of $22.0 million, which was a 21% decrease compared to the same period in 2023. The company completed the divestiture of its media agency, Veritone One, and forecasted significant cost savings and improved profitability for the upcoming fiscal year. Key financial metrics indicated a decline in software products and services revenue, but there was an increase in new bookings by 6% year-over-year. The company also reported a net loss from continuing operations of $22.5 million, an improvement from the previous year’s loss, attributed to cost reduction strategies. Looking ahead, Veritone is optimistic about its streamlined operations and expects up to 30% revenue growth year-over-year in fiscal 2025, focusing on expanding its enterprise AI capabilities.