New York, March 18, 2023 - PRISM MarketView - The PRISM AdTech and Media Index company Veritone, Inc. (VERI) announced Q4 and full year earnings last Tuesday citing headwinds that led to a challenging year, a 14.8% decrease in year-over-year revenues, a widened net loss and an almost 20% revenue decline in its software products and services segment. However, despite its cited challenges, the stock continued to trade up reaching around $4.00 per share by the end of trade on Friday compared to its $1.71 share price at the time of its announcement.
So, was the AI stock Artificially Inflated? Depends on which shareholder you ask and what they care about. In tandem with its earnings release on Tuesday, the company also announced it has launched AI-Powered iDEMS for public safety and judicial agencies. Veritone’s iDEMS (Intelligent Digital Evidence Management System) platform represents a pioneering solution in the industry, combining cloud-based digital evidence management with AI integration to streamline workflows and expedite investigations. Leveraging Veritone’s acclaimed aiWARE™ platform and hosted on Amazon Web Services’ (“AWS”) Criminal Justice Information System (“CIJS”)-compliant environment, iDEMS stands out as a cutting-edge cloud-based platform encompassing Veritone’s top-tier public sector solutions.
Its iDEMS news may have been what was keeping the stock afloat however, today investors seem to be taking their gains as the stock is trading off down around 16%, in today’s trade. The current share price has come down since its open of $4.26 and is sitting around $3.16, at one point, shares dipped down to $2.82. We will see how things fare for the AI company in the long run as they work to restructure and save 15% in operating expenses with an overall goal to hit profitability in H2 of 2024.
Veritone’s iDEMS (Intelligent Digital Evidence Management System) platform represents a pioneering solution in the industry, combining cloud-based digital evidence management with AI integration to streamline workflows and expedite investigations. Leveraging Veritone’s acclaimed aiWARE™ platform and hosted on Amazon Web Services’ (“AWS”) Criminal Justice Information System (“CIJS”)-compliant environment, iDEMS stands out as a cutting-edge cloud-based platform encompassing Veritone’s top-tier public sector solutions.
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