Welcome to our dedicated page for Veritone news (Ticker: VERI), a resource for investors and traders seeking the latest updates and insights on Veritone stock.
Veritone, Inc. (symbol: VERI) is a pioneering company specializing in advanced artificial intelligence (AI) computing solutions and services. Founded in 2014, Veritone has swiftly risen to prominence with its proprietary AI-based cognitive computing platform that allows for the seamless processing, transformation, and analysis of unstructured audio and video data. This innovative platform, known as aiWARE, integrates a robust ecosystem of various top-tier cognitive engines, enabling businesses to extract valuable insights from vast amounts of media data.
Veritone's core business revolves around the delivery of its software products and services. The company serves a diverse clientele, including Commercial Enterprises and Government and Regulated Industries. Through its aiWARE platform, Veritone offers a range of services, including content licensing, advertising agency functions, influencer management, and related professional services. These solutions are designed to support clients in deploying and implementing efficient AI-driven strategies.
With a strong presence across multiple continents, including the United States, the United Kingdom, France, Australia, Israel, and India, Veritone's reach and influence are widespread. The company's ability to generate revenue stems from both its Software Products and Services and its Managed Services. This dual revenue stream underscores Veritone's strategic approach to market penetration and growth.
Veritone has garnered significant recognition in the industry, evidenced by accolades such as the Red Herring Top 100 Award, the Edison Awards, and the SIIA Business Technology CODiE Award for Best Native Advertising Platform or Service. These honors highlight the company's commitment to innovation and excellence in AI technology.
Recent developments at Veritone include ongoing enhancements to its aiWARE platform, expanding its capabilities to provide even more profound and actionable intelligence from multimedia data. The company's continuous improvement efforts ensure that it remains at the forefront of the AI industry, delivering cutting-edge solutions to its clients worldwide.
Veritone (NASDAQ: VERI) has renewed its exclusive global licensing agreement with CBS News, expanding the partnership to include CBS Owned Stations' local news content. The multi-year contract renewal enables Veritone to continue providing content licensing solutions, giving creators access to millions of hours of CBS News archival and breaking news content.
CBS News and Stations will utilize Veritone's aiWARE enterprise AI platform, which enhances content accessibility across distribution channels and creates new monetization opportunities. The platform indexes the CBS library with time-correlated metadata, enabling precise search and retrieval of specific scenes, quotes, or highlights, while automating rights management and delivery.
Veritone (NASDAQ: VERI) has announced the availability of its Artificial Intelligence Solutions Group (AISG) offerings on the AWS Marketplace. This expansion allows organizations to access, purchase, and deploy Veritone's AI solutions directly within the AWS cloud environment.
The AISG offerings include Data/AI Enablement Workshops, AI Solution Development, Generative AI/Retrieval-Augmented Generation, Data Modernization, Data Analytics & Visualization, Database Migration & Optimization, and Database Governance. This move follows Veritone's three-year Strategic Collaboration Agreement with AWS and their achievement of AWS Advanced Tier Services Partner status within the AWS Partner Network.
Veritone (NASDAQ: VERI) has launched Veritone Data Refinery (VDR), a new solution that transforms unstructured data into AI-ready assets using their aiWARE™ platform. The solution addresses the predicted shortage of high-quality text data by 2026, enabling organizations to convert various data types into structured datasets for training Large Language Models and Large Multimodal Models.
VDR creates a centralized repository for managing and securing intellectual property, offering enterprise-grade encryption, GDPR compliance, and SOC2 certification. The platform allows organizations to extract value from Veritone's 20+ applications, develop custom AI solutions, and explore data monetization opportunities through third-party licensing.
Veritone (NASDAQ: VERI) has announced its participation in Needham's 6th Annual Virtual Infrastructure, Data Analytics Software, and Cloud Communications Conference. President and CEO Ryan Steelberg and CFO Mike Zemetra will deliver a presentation on November 20, 2024, at 1:30 PM ET, followed by a 15-minute Q&A session.
Investors can access the live webcast through the Veritone Investor Relations website under the News & Events section. Interested parties can arrange one-on-one meetings with management through their Needham representative or by contacting Veritone's investor relations directly.
Veritone (NASDAQ: VERI) has launched its AI-powered programmatic job advertising service in Australia. The solution optimizes recruitment by automating job ad placements across over 2,000 job boards in 180+ countries, integrating with 120+ application tracking systems. The service includes automated diversity job posting aligned with OFCCP standards. Aveo Group, an early adopter, reports significant improvements in application volume and quality, along with optimized recruitment costs through the implementation of Veritone's AI-driven solution.
Veritone (NASDAQ: VERI) has achieved AWS Media and Entertainment Services Competency in Media Supply Chain and Data Science & Analytics, demonstrating its expertise in AI solutions for media and entertainment operations. This achievement provides customers with technical validation, support, and access to AWS' latest tools. The company becomes eligible for the AWS Migration Acceleration Program (MAP), helping customers migrate data workflows to AWS. Veritone's aiWARE™ platform integrates over 300 AI models across 20+ cognitive categories, offering enhanced data analysis and governance capabilities.
Veritone (VERI) reported Q3 2024 revenue of $22.0 million, down 21% year-over-year. Software Products & Services revenue decreased 28% to $14.7 million, while Managed Services revenue was $7.3 million. The company reported a net loss of $21.7 million. Notable developments include the divestiture of Veritone One for up to $104 million and debt reduction of $30.5 million. The company maintains 3,291 Total Software Products & Services Customers with ARR of $63.3 million. Looking ahead, Veritone projects FY2025 revenue growth up to 30% year-over-year and over 45% improvement in Non-GAAP Net Loss compared to FY2024 guidance.
Veritone released its analysis of Q3 2024 U.S. Bureau of Labor Statistics jobs data and AI job growth trends. Total nonfarm payroll employment increased by 510,000 in Q3, down 4% from Q2, with unemployment steady at 4.1%. AI job vacancies reached 31,610, showing a 6.6% increase from Q2 and a 37.5% year-over-year growth. The median AI job salary was $158,298, up 4.0% year-over-year. AI roles commanded a 25% premium over non-AI IT positions, with AI software developers earning 19% more than their non-AI counterparts. California, New York, and Virginia showed the largest salary gaps between AI and non-AI IT roles.
Veritone (NASDAQ: VERI) has secured a three-year contract with luxury goods company Richemont to enhance its global talent acquisition efforts. The partnership leverages Veritone Job Distribution technology to automate and centralize job postings across more than 2,000 job boards in over 180 countries. As a certified Workday partner, Veritone's solution will integrate with Richemont's applicant tracking system to manage job listings for brands including Cartier, Van Cleef & Arpels, and Montblanc, aiming to reduce time-to-hire and improve candidate experience.
Veritone (NASDAQ: VERI), a leader in human-centered AI solutions, has announced its upcoming third quarter 2024 financial results conference call. The call is scheduled for November 12th at 8:30 a.m. Eastern Time (5:30 a.m. Pacific Time). During the call, the company will discuss Q3 2024 results, provide business updates, and hold a Q&A session. Participants can join via audio webcast or dial in using domestic (844) 750-4897 or international (412) 317-5293 numbers. Pre-registration is available to receive a unique PIN and dial-in number.
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