Business
Veritone Reports Financial Results for the Second Quarter of 2020
- Record Quarterly Revenues of $13.3 Million - COSTA MESA, Calif.--(BUSINESS WIRE)-- Veritone, Inc. (NASDAQ: VERI), a leading provider of artificial
About this update from Veritone, Inc.
[{"type":"text","content":"\n- Record Quarterly Revenues of $13.3 Million -\n\n COSTA MESA, Calif.--(BUSINESS WIRE)--\nVeritone, Inc. (NASDAQ: VERI), a leading provider of artificial intelligence (AI) technology and solutions, today reported results for the second quarter and six months ended June 30, 2020.\n\n\n“Veritone’s employees performed with grace and determination, helping our customers build out their digital capabilities to improve efficiency and transform their operations,” said Chad Steelberg, Chairman and CEO of Veritone. “As a result, we posted second quarter net revenues of $13.3 million, up 8.1% year-over-year, and we are forecasting an even better performance in the third quarter. These record results demonstrate the power of our aiWARE operating system and world-class AI applications, and the value of our differentiated and diverse portfolio.”\n\n\nRyan Steelberg, President of Veritone added, “We are immensely proud of our team’s performance during this truly unprecedented business environment - they have responded very well, staying focused and agile and are continuing to generate strong results. Our Advertising and Content Licensing businesses outperformed our expectations in the second quarter despite the challenging economic conditions, and we expect to see sequential revenue growth again in the third quarter.”\n\n\nSecond Quarter 2020 Financial Highlights\n\n\n\nNet revenues were $13.3 million, an increase of 11.5% compared with $11.9 million in Q1 of 2020 and an increase of 8.1% compared with $12.3 million in Q2 of 2019.\n\n\nAdvertising net revenues were $7.0 million, an increase of 17.3% compared with $6.0 million in Q1 of 2020 and an increase of 20.5% compared with $5.8 million in Q2 of 2019.\n\n\naiWARE Content Licensing and Media Services net revenues were $3.2 million, an increase of 15.5% compared with $2.8 million in Q1 of 2020, but a decrease of 13.9% compared with $3.8 million in Q2 of 2019.\n\n\nNet loss was $11.8 million, improving $0.9 million compared with Q1 of 2020 and $4.9 million compared with Q2 of 2019.\n\n\nNon-GAAP net loss was $5.7 million, improving $0.9 million compared with Q1 of 2020 and $3.5 million compared with Q2 of 2019.\n\n\n\nRecent Business Highlights\n\n\n\nRecorded new bookings from Government, Legal and Compliance customers in Q2 of 2020 that exceeded the total net revenues recognized from such...