Technology Stocks

Veritone Inc., (NASDAQ:VERI) Revenues Estimates For Q42018 Increased To $10.7 Million As aiWare Continues To Receive Wide Attention

Veritone Inc. (NASDAQ:VERI) seems to be growing in prominence in the AI space every passing day. Notably, the recently received an invitation where the CEO Chad Steelberg, presented at CES Government. Interestingly, this is a technology-focused event that held on the sidelines of this year’s Consumer Electronics Show (CES).

An AI-connected government

In particular, the CES Government is merely a platform that brings stakeholders in the technology sector to discuss the interface between the public sector and the private sector as regards technology. Notably, the kind of technology in focus here is that which affects security. For the 2019 CES Government event, the theme was government connectedness with the AI sector. In particular, this focused on the security risks and potentials that come with an AI-connected government.

Interestingly, this is the part that Steelberg handled. Notably, the CEO examined how AI can go beyond emasculating the security apparatus of the government. This includes use of AI to augment various government services with efficiency and reliability in the cross-hairs.

Revenues to top expectations

Undoubtedly, aiWare is the solution that threw the firm into the limelight. Notably, the solution facilitates the operations of AI technology. In particular, aiWare is some operating system that manages the functionality of intelligent machines. According to Veritone, users can deploy the solution in all manner of cloud environments and implement a range of models for machine learning.

As a result of aiWare, the firm anticipates revenue for Q4 FY2018 to top expectations. Notably, the firm anticipates the revenue to range between $10.7 million and $10.9 million up from between $9.3 million and $9.7 million. Interestingly, this implies that the revenue for the quarter will be somewhere above 200% compared to Q4 2017. As such, this is on course to set the record as the highest quarterly level revenue for Veritone.

Commenting on the record figures, Steelberg said, “While the fourth quarter of 2018 was a tough time for many in the capital markets and certainly for Veritone’s stockholders, we are very pleased with our execution and expected results in the quarter…”

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