Stock Alert: Veritone Up 29% On Increased Outlook

(RTTNews) - Shares of artificial intelligence technology and solutions provider Veritone, Inc. (VERI) are surging more than 25% Thursday morning after the company raised its second-quarter outlook.

The company expects net revenues for the second quarter to be in the range of $13.1 million to $13.3 million, up from $11.8 million to $12.2 million previously provided. On average, five analysts polled by Thomson Reuters expect the company to report revenue of $12.19 million.

Veritone also provided revised non-GAAP net loss outlook for the quarter in the range of $6.0 million to $5.8 million, up from the previous outlook of loss $6.5 million to $6.1 million.

"Based on our strong revenue performance and the continuing results of our cost reduction initiatives, we now expect to report record financial performance in the second quarter. The upgrades we have made to aiWARE, the world's first operating system for AI, are helping our clients lower costs, increase productivity and allow their employees to focus on more creative and fulfilling tasks at a critical juncture in our history when digital transformation is occurring at lightning speed," commented Chad Steelberg, Chairman and CEO of Veritone.

Veritone is scheduled to report second-quarter results on August 10.

VERI is currently trading at $15.76. It has traded in the range of $1.22- $19.67 in the past 52 weeks.