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.”
The company’s conference call with analysts its getting underway now, and you can follow a webcast of it on the company’s investor relations home page.
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