Shares of Veritone (NASDAQ:VERI) jumped on Thursday after the provider of artificial intelligence (AI) solutions updated its guidance for the second quarter. Veritone boosted its revenue outlook while reducing its forecast for an adjusted net loss. The stock was up 19.1% at 11:30 a.m. EDT today.
Veritone now expects to generate revenue between $13.1 million and $13.3 million during the second quarter, up from a previous guidance range of $11.8 million to $12.2 million. Its advertising and content licensing businesses produced more revenue than expected, and the company achieved record bookings for its aiWARE platform from government, legal, and compliance customers.
This higher-than-expected revenue will lead to a smaller net loss. Veritone now expects an adjusted net loss between $5.8 million and $6.0 million for the second quarter, an improvement over the previous range of $6.1 million to $6.5 million.
"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," said CEO Chad Steelberg.
Shares of Veritone have soared since bottoming out in March, up over 1,000% from its 52-week low. The stock has lost some ground since peaking in June, but the improved guidance reversed that trend on Thursday.