Veritone Q2 revenue misses estimates
VERI•Key drivers and metrics
- Revenue mix — Gross margin declined due to a higher mix of lower-margin revenue in Q2.
- Managed services — Managed Services revenue rose 15.2% year over year, driven by increases in representation and content licensing services.
- Restructuring costs — Operating loss increased due to $4.5 million in restructuring expenses related to severance and transition costs.
| Metric | Beat/Miss | Actual | Consensus Estimate |
|---|---|---|---|
| Q2 Revenue | Miss | $24.26 million | $28.29 million (3 Analysts) |
| Q2 Loss Per Share | $0.24 | ||
| Q2 Net Loss | $22.16 million |
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell". The average consensus recommendation for the IT services & consulting peer group is "buy". Wall Street's median 12-month price target for Veritone Inc is $9.00, about 492.1% above its August 12 closing price of $1.52.
Q2 revenue misses estimates
- Veritone's Q2 revenue rose 5% year over year, missing analyst expectations.
