The creator of the aiWARE artificial intelligence program used by broadcast media companies around the globe reported Q3 2022 results on Tuesday that surpassed Wall Street expectations.
But, perhaps the bigger news is that Ryan Steelberg will become CEO effective Jan. 1, 2023, with Chad Steelberg moving to a role as Chairman of the Board of Veritone.
First, the numbers: Veritone’s net loss shrunk to $4.89 million (-$0.13) from $11.49 million (-$0.34).
On an adjusted basis, the company saw a quarterly loss of $0.16 per share. This beat the Zacks Consensus Estimate of a loss of $0.18 per share.
Meanwhile, revenue was up to $37.2 million from $22.66 million, beating the Zacks consensus estimate.
“I am immensely proud of the team we have assembled, the technology we have developed, and the progress we have made in establishing a world-class AI operating system,” said Chad Steelberg, who will be handing the role of Chief Executive Officer to Ryan Steelberg. Chad Steelberg has been Chairman/CEO since Veritone’s inception in June 2014. Ryan Steelberg rises from President.
What is the fourth quarter revenue projection for Veritone? Revenue is expected to be in the range of $44 million to $46 million, as compared to $55.1 million in the fourth quarter of 2021. Non-GAAP net income is expected to be in the range of $3.0 million to $4.0 million, compared to $17.0 million in the fourth quarter of 2021.
That didn’t seem to excite investors. As of 1:37pm Eastern on Wednesday, VERI, which trades on Nasdaq, was down 12% to $5.26 in heavy trading of 971,378 shares; average trading for Veritone is 289,382 shares.
