Veritone sees a net $12M-$15M in annualized savings in FY23

Ryan Steelberg, Veritone CEO, stated, "I am excited about 2023, the passionate focus on AI, and Veritone’s leadership position in the market. Today, we are giving you insight into some of our strategic initiatives. As part of our actions, we are executing on three key areas of focus: (i) improving our balance sheet, which includes an increased focus on improving the profitability of our business, and our recent Q4 2022 debt repurchase, where we repurchased $60.0 million of our debt at 65% of par for a total cost of $39.0 million, (ii) reducing our cost structure to continue our mission and investment in our leading AI platform and applications, and (iii) deeper focus on near term product and solution initiatives and customer growth, continuing to expand and diversify our client base. I look forward to providing more details on these and other strategic actions during our next earnings call update in March 2023."