VERITONE Reports 18.3% Decrease in Revenue for Q2 2023

🌥️Earnings Overview

For the quarter ending June 30 2023, VERITONE ($NASDAQ:VERI) reported total revenue of USD 28.0 million, which was 18.3% lower than the same period in the previous year. In addition, the company reported a net income of USD -23.3 million, compared to a loss of -3.2 million in the prior year.

Analysis

GoodWhale has conducted an analysis on VERITONE‘s wellbeing in terms of financial and business aspects. The results have shown that VERITONE is a high risk investment. GoodWhale has identified three risk warnings in its income sheet, balance sheet, and cashflow statement. To view the detailed risk warnings and analysis, users can register on GoodWhale.com. GoodWhale’s analysis has taken into account the company’s financial performance, market position, and other business factors to deliver an accurate assessment of VERITONE’s risk rating. This comprehensive approach helps investors gain insight into the company’s stability and future prospects. With GoodWhale’s analysis, investors can make informed decisions based on their understanding of the potential risks associated with the company. More…

About the Company

Income Snapshot

Below shows the total revenue, net income and net margin for Veritone. More…

Cash Flow Snapshot

Below shows the cash from operations, investing and financing for Veritone. More…

Balance Sheet Snapshot

Below shows the total assets, liabilities and book value per share for Veritone. More…

Key Ratios Snapshot

Some of the financial key ratios for Veritone are shown below. More…

Peers

In the field of artificial intelligence and cognitive analytics, Veritone Inc faces stiff competition from the likes of Informatica Inc, ZeroFox Holdings Inc, and IXUP Ltd. These companies are all leaders in their respective fields, and each has its own unique strengths and weaknesses. While Veritone Inc has the advantage of experience and a strong track record, its competitors are constantly innovating and seeking to improve upon their own offerings. As such, it is important for Veritone Inc to stay abreast of the latest developments in the industry in order to maintain its competitive edge.

– Informatica Inc ($NYSE:INFA)

Informatica Inc is a publicly traded company with a market capitalization of 5.22 billion as of 2022. The company has a return on equity of 0.39%. Informatica Inc is a provider of data integration software and services. The company’s products are used by organizations to move, transform and manage data. Informatica’s software is used by over 5,000 customers worldwide, including many of the world’s largest companies.

– ZeroFox Holdings Inc ($NASDAQ:ZFOX)

Zynga Inc is an American social game developer running social video game services founded in April 2007 and headquartered in San Francisco, California, United States. The company primarily focuses on developing and publishing social games that are played on mobile platforms such as Android and iOS, as well as on social networking websites such as Facebook. Zynga Inc has a market cap of 498.71M as of 2022, a Return on Equity of 366.87%. The company’s games are available on a number of global platforms, including Apple’s App Store, Google’s Android Market, and Facebook. Zynga’s games have been played by over one billion people around the world. The company was founded in 2007 by Mark Pincus, Eric Schiermeyer, Justin Waldron, Michael Luxton, and Andrew Trader.

– IXUP Ltd ($ASX:IXU)

Pixup Ltd is a media company that operates in the entertainment industry. The company has a market cap of 53.93M as of 2022 and a ROE of -37.67%. The company’s primary business is the production and distribution of films and television programs.

Summary

VERITONE reported a total revenue of USD 28.0 million for the second quarter of FY2023, representing a decrease of 18.3% year-over-year. Net income for the quarter was reported at USD -23.3 million, a decrease from -3.2 million from the prior year. As such, investors should be aware that Veritone‘s financial performance has weakened in the short term, which may be driven by several factors such as the current economic environment, competition and changes in customer demand. Nonetheless, investors should do further research on the company and its fundamentals before making an investment decision.