Artificial intelligence (AI) technology and ad solutions company Veritone Inc. was quite pleased with its Q1 2018 results.
“Q1 was a great quarter for Veritone as we experienced an inflection point in our AI platform business,” said Veritone Chairman/CEO Chad Steelberg.
Investors seemed to agree.
Veritone shares soared 11.4% to $22.48 on May 9, the company’s highest value on Wall Street since January 30.
With a 1-year target price of $24.50, this is good news for Veritone, which is working with more media companies on building sales stories from logo mentions, brand discussion in live radio segments, and through product integration efforts.
In Q1 net revenue increased by 41%, to $4.4 million, as Veritone’s net loss technically shrunk to $13 million (81 cents per share), from $6.9 million ($3.09 per share); the comparables are difficult thanks to an IPO that increased the number of outstanding shares since Q1 2017.
“The first quarter was a strong start to the year, highlighted by significant growth in our AI platform business, particularly within our legal and media verticals,” said Steelberg.
Veritone opens the May 15 trading session at $21.47.