Since last quarter, Veritone Inc. (NASDAQ: VERI) announced partnerships with CHESA and the U.S. Department of Justice while extending long-standing AI partnerships with the U.S. Soccer Federation, iHeartMedia, and many others. Veritone’s AI solutions are gaining traction with partners and have saved over $24 Million since the start of 2023. The company is on track for profitability and focused on delivering long-term shareholder value.
Veritone 3rd Quarter Financial and Business Highlights
In Q3 2023, the company’s revenue was $35.1 Million, which is a decline of 6% year on year. The decline was primarily due to decreases in managed services and software products. The software revenues decreased by $8.2 Million or 29% compared to adjusted software products and services revenue for Q3 2022.
This was largely driven by reduced spend from Amazon in Q3 2023. Moreover, the managed services revenue was $14.8 Million, down from $16.4 Million. Furthermore, total software products & services customers decreased by 7% in this period.
The decrease was largely driven by the planned migration of legacy CareerBuilder customers off the Broadbean software platform. Not every measure was negative for Veritone, the total new bookings were $15.5 Million, which is a growth of 85% Year on Year. This was driven by reduced HR consumption from a major customer.
The annual recurring revenue (ARR) was $98.6 Million, which is down 24% compared to ARR for Q3 2022. This was largely driven by a drop in consumption-based ARR from a major customer over the trailing twelve months from Q3 2023 as compared to Q3 2022.
Management Insights
Ryan Steelberg, Chief Executive Officer and President of Veritone said that the company’s performance in the third quarter shows progress toward its goals. These are aimed at transforming the organization to meet evolving demands from companies seeking to leverage artificial intelligence to enhance productivity and boost revenue streams.
Technical Analysis and Prediction of VERI Stock Price
At press time, the VERI stock price is currently trading at the level of $2.55. The bears have taken control and pushed the stock price down to its all-time low levels. The stock has broken multiple support levels as a result of this downtrend.
However, the RSI has rebounded from its oversold level of 30, which may allow some bullish moments ahead. The immediate resistance is at $3.59, while the immediate support level is at $1,66. The prediction for the current stock price is bearish until the bulls reclaim this support level.
Conclusion
Veritone Inc. (NASDAQ: VERI) reported quarterly results with negative growth numbers. The results quickly drove the price down as the bears took control of the trend. However, the current stock price is near the all-time low levels and the prediction is bearish until a firm confirmation of trend reversal.
Technical Levels
Support Levels: $1.66 and $0.5
Resistance Levels: $3.64 and $4.89
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets or stocks comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/11/14/veri-stock-price-quarter-3-financial-results-and-its-impact/