Veritone Inc (NASDAQ:VERI) shares are soaring on Wednesday after the company announced new contract wins with leading hyperscalers and updated its third-quarter outlook.
- VERI is approaching key resistance levels. Get the market research here.
What To Know: Veritone said its Veritone Data Refinery solution is currently being deployed across an expanding group of hyperscalers and venture-backed model developers. The company expects to sign deals with several major hyperscalers by the end of the year.
“We believe our VDR solution uniquely positions us to serve this fast-growing market, converting massive volumes of video, audio, and text into centralized license-ready datasets for proprietary applications and external AI model training alike,” said Ryan Steelberg, president and CEO of Veritone.
“We’re proud to see the industry increasingly recognize Veritone as a trusted partner for the unstructured training data ecosystem, and we are firmly on track to have formalized partnerships with nearly every major hyperscaler by the end of 2025.”
In connection with the hyperscaler update, Veritone said it expects third-quarter revenue to be between $28.5 million and $28.67 million, representing a 30.5% increase year-over-year at the midpoint. The company anticipates an adjusted net loss of $5.5 million to $6 million in the third quarter.
Veritone will report its third-quarter financial results on Nov. 6. Analysts have been anticipating a loss of 16 cents per share and revenue of $28.69 million, according to estimates from Benzinga Pro.
How to Buy VERI Stock
By now you're likely curious about how to participate in the market for Veritone – be it to purchase shares, or even attempt to bet against the company.
Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy “fractional shares,” which allows you to own portions of stock without buying an entire share.
If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to “go short” a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.
VERI Price Action: Veritone shares were up 46.34% at $8.00 at the time of publication on Wednesday, according to Benzinga Pro.
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