Veritone ( NASDAQ: VERI ) shares tumbled around 7% on Wednesday after the AI solutions firm reported second quarter results that fell short of analysts estimates and trimmed full year outlook.
Late Tuesday, the Colorado-based company incurred adj. loss per share of -$0.20 on revenue of $34.24M that grew 78% Y/Y on a GAAP basis and 2% on a pro forma basis. Software and Managed Services revenue grew 229% and 16%, respectively.
The company achieved record Q2 new bookings of $14.6M, up 197% Y/Y, while customer count grew 42%, both on a pro forma basis.
However, consumption activity negatively impacted results in the second quarter, primarily driven by Amazon ( AMZN ). In the earnings call , CFO Mike Zemetra stated that, "We did face some headwinds in Q2 with our largest customer, Amazon, which ran initiatives to reduce its hiring across its fulfillment business beyond the levels we had previously forecasted. Our updated second half 2022 guidance reflects the current estimated run rate of the Amazon hiring consumption."
Guidance: Veritone ( VERI ) lowered its guidance for the year to better reflect the above mentioned estimated impact of Amazon on the results. Full year 2022 revenue is expected between $150M and $160M ( consensus : $175.31M) compared to $180M-$190M previously. Non-GAAP net loss is expected to be in the range of -$15M to -$10M (prior outlook: $10M to $17M net income).
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Veritone stock slides as outlook disappoints