Veritone Reports Financial Results for the First Quarter of 2020

About this update from Veritone, Inc.

[{"type":"text","content":" COSTA MESA, Calif.--(BUSINESS WIRE)--\nVeritone, Inc. (NASDAQ: VERI), a leading provider of artificial intelligence (AI) technology and solutions, today reported results for the quarter ended March 31, 2020.\n\n\n“I am proud of the resilience and flexibility that the Veritone team has shown while facing the unprecedented impact of the COVID-19 pandemic,” said Chad Steelberg, Chairman and CEO of Veritone. “We are grateful that we have been able to keep our teams together, maintain salaries and avoid employee layoffs, and since our shift to work from home, our focus and energy have only increased. Our business units have done a great job of maintaining operations in this environment while driving customer engagement and product development levels to all-time highs. The upgrades we have made to aiWARE, together with the early and decisive actions we took to manage our costs and liquidity during this difficult time, have enabled us to ensure business continuity, exceed our expectations for cash burn improvement, and, importantly, continue to pursue our core mission of making AI technology available to transform the activities of organizations of all sizes and industries.”\n\n\nChad Steelberg continued, “We have seen a decade’s worth of digital transformation in the last two months, as businesses increasingly move to the cloud and AI, recognizing the necessity for change in a changing world. As a result, we expect to see increased strong engagement on our powerful and unique platform.”\n\n\nRyan Steelberg, President of Veritone added, “While we experienced significant revenue disruption in our aiWARE content licensing and Advertising businesses starting in March, our differentiated technology and customer and market diversity are enabling us to weather the storm effectively. In addition, our SaaS business grew revenues both sequentially and year-over-year, buffering the impact on our overall top line.”\n\n\nFirst Quarter 2020 Financial Highlights: \n\n\n\nNet revenues were $11.9 million, a decrease of 4.4% compared with $12.4 million in Q4 of 2019 and a decrease of 1.8% compared with $12.1 million in Q1 of 2019.\n\n\naiWARE SaaS net revenues increased to a record $3.1 million, up 8% sequentially and 13% year-over-year.\n\n\nAdvertising net revenues were $6.0 million, reflecting the impact of COVID-19, compared with a record $6.5 mil...

More updates from Veritone, Inc.