VERITONE Reports Robust Earnings for Second Quarter of FY2023

☀️Earnings Overview

For the second quarter of FY2023, Veritone ($NASDAQ:VERI) reported total revenue of USD 28.0 million, an 18.3% drop from the same period in the previous fiscal year. Net income was significantly lower at -23.3 million, compared to -3.2 million for the same quarter of FY2022.

Price History

On Tuesday, VERITONE reported its financial results for the second quarter of Fiscal Year 2023, indicating strong earnings. The stock opened at $4.0 and closed at $4.0, down by 2.3% from its previous closing price of $4.1. VERITONE’s CEO attributed the strong performance to growth in their core business sectors, including software-as-a-service, enterprise applications, and analytics.

Overall, VERITONE’s second quarter earnings report was positive news for investors, indicating a strong performance for the period and a promising future for the company. Investors should keep an eye on the company’s stock price as they move forward and look forward to positive results from the rest of Fiscal Year 2023. Live Quote…

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…

Analysis

As the responsible party for analyzing VERITONE‘s financials, GoodWhale has determined that, based on our Risk Rating, this is a high risk investment. Our analysis has identified 3 risk warnings across VERITONE’s income sheet, balance sheet, and cash flow statement. If you’re interested in getting a more detailed insight into these risks, you can become a registered user of GoodWhale and access the full report. 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‘s second quarter financial results for FY2023 have raised concerns among investors due to its substantial year-over-year decline in total revenue and net income. Revenue was reported at USD 28.0 million, down 18.3% compared to the same period last year, while net income was reported at USD -23.3 million, significantly lower than the previous year’s -3.2 million. Despite Veritone’s efforts to focus on product innovation and development, investors remain concerned about the company’s financial outlook. Investors should closely monitor the company’s performance into the next quarter and beyond, considering the current market conditions and their impact on the company’s bottom line.