- Veritone ( NASDAQ: VERI ) is trading 12% higher after it expects to realize a net $12M - $15M in annualized savings in FY23, as the company looks to reduce certain operational costs.
- As part of annualized cost savings, VERI will divest its energy group in Q1 2023, reduce and consolidate certain software, outside services, and cloud-based processing expenses throughout 2023, and reduce jobs through mid Q1 2023.
- The company said it will focus on improving balance sheet, which includes an increased focus on improving the profitability, and recent Q4 2022 debt repurchase and reducing cost structure.
- The company repurchased $60M of its debt at 65% of par for a total cost of $39M.
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Veritone rises 12% as it sees net $12M - $15M in annualized savings in FY23