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 reported a 30% increase in fiscal year 2022 revenue to $149.7 million. Ending software customers grew by 21% to 642, while Q4 new bookings surged 141% year over year, reaching $20 million. The company retired $60 million of debt for $39 million in cash and ended 2022 with $184 million in cash and equivalents. However, Q4 revenue fell 20% to $43.9 million, and the loss from operations increased 40% to $10 million. Full-year net loss improved to $25.2 million. Looking ahead, Q1 2023 revenue is projected between $29.5 million and $30.5 million.
Veritone (NASDAQ: VERI) announced that Audacy (NYSE: AUD) has expanded its use of Veritone Attribute, enhancing analytics for advertising campaigns. This tool provides insights into campaign performance across Audacy's radio brands, helping advertisers measure the effectiveness of broadcast ads compared to other media. Research indicates that advertisers utilizing attribution reporting typically increase spending and reduce campaign cancellations. Veritone Attribute offers detailed metrics on the correlation between ad exposure and website traffic, enabling targeted campaign optimizations. This partnership aims to optimize advertisers' investments and improve their overall campaign outcomes.
Veritone, Inc. (NASDAQ: VERI) has launched Veritone Generative AI, a new enterprise-grade Platform-as-a-Service (PaaS) that integrates public large language models like GPT-3 and ChatGPT alongside domain-specific models. This solution empowers organizations to transform data into custom content and predictive AI-generated material, enhancing engagement and revenue opportunities.
The platform is particularly relevant in industries such as talent acquisition, sports, advertising, and law enforcement, aiming to improve efficiency and reduce costs. Additionally, Veritone plans to expand its capabilities to support image and video generation models by Q2 2023.
Veritone, Inc. (NASDAQ: VERI) has scheduled a conference call for March 2, 2023, at 4:30 pm ET to discuss its Q4 and full year 2022 financial results. This call will include a business update and a Q&A session. Investors can join the call via a live audio webcast or dial-in. Additionally, Veritone's management will participate in the JMP Securities Technology Conference from March 6-7 and the 35th Annual Roth Conference on March 13-14.
Veritone, Inc. (NASDAQ: VERI) announced strategic actions under newly appointed CEO Ryan Steelberg, focusing on enhancing profitability and investments in AI applications. The company aims for annualized savings of $12-$15 million in 2023 by reducing operational costs, divesting its Energy group, and consolidating expenses. A significant achievement includes the repurchase of $60 million in debt at 65% of par value. Steelberg emphasizes Veritone's market leadership in AI software, highlighting strong customer retention and growth as key drivers for future success.
Veritone, Inc. (NASDAQ: VERI) has launched a new Redaction Managed Service, providing organizations with an alternative to its AI-powered Redact software. This service allows agencies with limited resources to outsource the redaction of audio and video files, addressing urgent needs efficiently. The service promises strict adherence to privacy laws and enhances operational efficiency, helping clients reduce FOIA request backlogs. Early adopters have praised the service for its speed and effectiveness. Veritone’s enhanced AI capabilities streamline workflows and maintain the security of sensitive information throughout the redaction process.
Veritone (NASDAQ: VERI) has appointed Seth Greenberg as Chief Marketing & Strategy Officer and Fleming Meng as Chief Information Officer, following Ryan Steelberg's recent promotion to CEO and President. Greenberg brings over 20 years of experience, previously serving as CMO for Alteryx, where he facilitated the company's growth and public offering. Meng, with extensive IT leadership experience in various industries, will enhance Veritone's technology infrastructure. Steelberg emphasized that these leadership changes are crucial for executing the company's growth strategy and advancing its AI technology.
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Veritone (NASDAQ: VERI) has partnered with Cameo to launch Cameo Kids, a platform allowing personalized video messages featuring popular children's characters like Blippi and CoComelon. Utilizing Veritone's AI technology, this service enhances fan engagement by enabling brands to scale personalized experiences without manual recording. Veritone's AI voices, including characters and a Santa Claus, will be included in the Cameo Kids offering. This collaboration aims to diversify revenue streams for IP owners and create new opportunities in family entertainment.
Veritone, Inc. (NASDAQ: VERI) announced a deal to repurchase approximately 30% of its outstanding 1.75% Convertible Senior Notes due 2026, amounting to $60 million in principal. The cash repurchase price is expected to be around $38 million, determined based on stock price fluctuations and accrued interest. The transaction is set to close around December 16, 2022. Post-repurchase, about $141 million of the Notes will remain outstanding, potentially affecting VERI's stock market price.
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