VERITONE Reports 18.3% Decrease in Revenue for Q2 FY2023
August 12, 2023
🌥️Earnings Overview
VERITONE ($NASDAQ:VERI) announced their second quarter FY2023 earnings results on June 30 2023, with total revenue reported at USD 28.0 million, a decrease of 18.3% compared to the same period last year. Additionally, net income was reported at USD -23.3 million, a decrease from the -3.2 million reported the previous year.
Analysis
GoodWhale’s analysis of VERITONE‘s financials has revealed that the company is strong in growth, but weak in assets, dividends, and profitability. According to the Star Chart, VERITONE is classified as a ‘rhino’ – a type of company that can be said to have achieved moderate revenue or earnings growth. Investors interested in such companies should take this into account when considering the stock. Furthermore, VERITONE has an intermediate health score of 4/10, taking into account its cashflows and debt. This means that VERITONE may be able to safely ride out any crisis without the risk of bankruptcy. More…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Veritone. VERITONE_Reports_18.3_Decrease_in_Revenue_for_Q2_FY2023″>More…
| Total Revenues | Net Income | Net Margin |
| 139.32 | -46.43 | -41.6% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Veritone. VERITONE_Reports_18.3_Decrease_in_Revenue_for_Q2_FY2023″>More…
| Operations | Investing | Financing |
| -84.3 | -63.26 | -54.94 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Veritone. VERITONE_Reports_18.3_Decrease_in_Revenue_for_Q2_FY2023″>More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 355.92 | 316.87 | 1.65 |
Key Ratios Snapshot
Some of the financial key ratios for Veritone are shown below. VERITONE_Reports_18.3_Decrease_in_Revenue_for_Q2_FY2023″>More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 40.3% | – | -32.8% |
| FCF Margin | ROE | ROA |
| -65.3% | -47.1% | -8.0% |
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 their Q2 2023 earnings with total revenue of USD 28.0 million, a decline of 18.3% compared to the same period the year prior. Net income came in at USD -23.3 million, a substantial drop from the previous year’s -3.2 million, indicating a clear underperformance in the company’s financials. Investors should be cautious when considering VERITONE as a potential investment opportunity, as the company’s poor performance in the second quarter does not bode well for future success.
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