2023-05-03 11:28:13 ET
Veritone ( NASDAQ: VERI ) share price slumps 14% after bottom-line missed estimates. Topline revenues were at $30.3M, a drop 12% vs. last year, beats consensus by $0.51M, mainly driven by a decline in hiring solutions software products & services.
Managed services revenue of $16.1M vs. $16.2M in Q1 2022. Software Customers of 667, a rise 19% compared to Q1 2022 and 4% compared to Q4 2022.
Total New Bookings of $15M, up 57%.
Loss from operations of $23.4M, as compared to a loss of $20.8 million in Q1 2022.
Non-GAAP gross profit of $23.5M, a 15% drop compared to Q1 2022 driven by the decline in Software Products and Services.
Net Loss of $22.8M, as compared to $22.1 million in Q1 2022. GAAP EPS of -$0.62 misses consensus by $0.08 .
Cash and cash equivalents of $139.7M on March 31, 2023.
Outlook Q2 : Revenue is expected to be in the range of $32M-34M, as compared to $34.2M in Q2 2022 ( vs. consensus of $29.82M ). Non-GAAP net loss is expected to be in the range of $8.5M-6.5M, compared to non-GAAP net loss of $7.2M in Q2. (vs. consensus EPS of -$0.24)
Outlook FY 2023 : Revenue is expected to be in the range of $158M-166M, as compared to $149.7M in 2022 ( vs. consensus $157.20M ). Non-GAAP net loss is expected to be in the range of $7M-2M, as compared to non-GAAP net loss of $15.9 M in 2022. (consensus EPS of -$0.11)
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Veritone slumps 14% after Q1 reports, bookings show a 57% surge