=Veritone (VERI) reported earnings on Mon 26 Feb 2018 (a/h)

Veritone misses by $0.24, misses on revs 

• Reports Q4 (Dec) loss of $0.83 per share, $0.24 worse than the two analyst estimate of ($0.59); revenues rose 75.4% year/year to $3.49 mln vs the $4.41 mln Capital IQ Consensus.
  • 57 customers on the platform at the end of the quarter, compared with 18 at the prior-year quarter
  • 467 total accounts on the platform at the end of the quarter, compared with 23 at the prior year quarter-end

Shares of artificial intelligence startup Veritone (VERI) are down $2.42, over 13%, at $15.67, in late trading after the company this afternoon reported Q4 revenue and profit that missed analysts’ expectations by a wide margin.

Despite the miss, CEO Chad Steelberg said the company was “very pleased with our execution,” including Veritone’s increase in accounts.

Revenue in the three months ended in December rose by 40%, year over year, to $3.5 million, yielding a net loss of 83 cents.

Analysts had been modeling $4.4 million in revenue and a 49-cent loss per share.

The company did not offer a forecast.

Steelberg, reviewing the year ended, said the company had “added significant depth and expertise to our software engineering and data science teams and greatly expanded our sales and marketing team and channels."

"With these additions,” he said, "we have great confidence in our ability to continue to enhance the capabilities of our aiWARE platform and generate significant increases in net revenues in 2018 and beyond.”