Veritone One (VERI) Tops Q2 EPS by 5c, Revenues Beat; Offers 3Q Revenue Guidance Above Consensus

Veritone One (NASDAQ: VERI) reported Q2 EPS of ($0.15), $0.05 better than the analyst estimate of ($0.20). Revenue for the quarter came in at $15.7 million versus the consensus estimate of $14.33 million.

“Across the board, the team performed with skill and agility, helping our customers improve their businesses and build resilience in these challenging times through the adoption of our cutting-edge artificial intelligence solutions, anchored by our powerful aiWARE platform,” said Chad Steelberg, Chairman and CEO of Veritone. “Third quarter revenue increased by 23% year over year and 18% sequentially. Our momentum was boosted by our timely and well received move into aiWARE solutions for energy, which complement our growing presence in the media and entertainment and government, legal and compliance markets.”

Ryan Steelberg, President of Veritone added, “Our team performed extremely well in the third quarter, with revenue from each vertical exceeding the expectations we had coming into the quarter. The 43% year-over-year growth in our aiWARE SaaS business reflects both our increasing traction in the government, legal and compliance markets and initial revenue from the energy market. Both of these markets hold enormous potential for Veritone, and we are driving hard to meet the increasing demand for our solutions.”

GUIDANCE:

Veritone One sees Q3 2020 revenue of $16-16.4 million, versus the consensus of $14.95 million.

• Revenue is expected to be in the range of $16.0 million to $16.4 million, representing a 30% increase year over year at the midpoint.
• Non-GAAP net loss is expected to be in the range of $4.5 million to $4.0 million, representing a 47% improvement year over year at the midpoint.

For earnings history and earnings-related data on Veritone One (VERI) click here.

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