2023-08-08 16:41:08 ET
- Veritone press release ( NASDAQ: VERI ): Q2 Non-GAAP EPS of -$0.35 misses by $0.12 .
- Revenue of $27.97M (-18.3% Y/Y) misses by $1.1M .
- Pro Forma revenues of $34.7 million, a decrease of 19%.
- Total New Bookings of $8.4 million, down 62% compared to Q2 2022, driven by reduced HR consumption from Amazon, a major customer.
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ARR of $108 million from 3,705 Total Software Products & Services Customers, including $47 million from subscription-based customers.
Cost reduction initiatives achieved to date resulting in over $17 million of annualized savings, including successful divestiture of Energy Group in Q2 2023.
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Business Outlook: Third Quarter 2023
- Revenue is expected to be in the range of $35.5 million to $37.5 million vs. consensus of $38.47M, as compared to $37.2 million in the third quarter of 2022.
- Non-GAAP net loss is expected to be in the range of $6.5 million to $8.5 million, compared to non-GAAP net loss of $5.7 million in the third quarter of 2022.
Full Year 2023
- Revenue is expected to be in the range of $128.0 million to $135.0 million vs. consensus of $143.87M, as compared to $149.7 million for fiscal 2022.
- Non-GAAP net loss is expected to be in the range of $28.0 million to $33.0 million, compared to non-GAAP net loss of $15.9 million for fiscal 2022.
For further details see:
Veritone misses Q2 top and bottom line estimates; initiates Q3 and narrows FY23 outlook