Veritone on August 9 released second quarter financial results. It was deemed “a big earnings surprise” to the team at Zacks Equity Research.
A quarterly loss of $0.20 per share was seen by the company; the Zacks consensus estimate was for a -$0.09 loss per share.
With a 12 cent per-loss share in the second quarter of 2021, a wider loss in Q2 2022 was experienced by the technology company actively gaining radio and TV industry clients. Analysts lowered their outlook for Veritone, which had seen growth in its stock since post-pandemic lows experienced in May. On Friday, however, a dip was seen on Wall Street.
The wider net loss for Veritone in Q2 2022 came as the technology services company known for its AI-powered audio watermarking saw its revenue grow to $34.24 million from $19.21 million. However, the growth fell short of the Zacks Consensus Estimate by 9.24%.
The results led the seven financial analysts that cover Veritone to trim their estimates. They all cited a weaker outlook for the company.
As reported by Simply Wall St. the consensus revenue estimate for Veritone now stands at $153 million for 2022. That’s down from $179 million.
At the same time, losses are expected to come in at $1.49 per share for 2022, widening from $1.37 per share.
With Veritone shares finishing Friday at $6.86, down 10.1%, there’s hope for some improvement by the end of 2022 for investors. The target price range among analysts is between $10 and $23, Simply Wall St. states.
