Shares of Veritone Inc. (Nasdaq: VERI) plummeted after the company reported second quarter results that missed Wall Street expectations.
Investors sent shares down more than 20% to about $12.50 apiece and a market cap of $225 million on the poor performance.
The tailspin more than offset yesterday's gain of about 7%, on the heels of two acquisition announcements in the morning.
The Costa Mesa-based company, which is trying to crack into the hot artificial intelligence segment, reported revenue of $4.2 million in second quarter, up 2% from the same period last year and missing a Yahoo Finance consensus forecast of $4.9 million.
Veritone posted a net loss of $14.3 million, or $0.88 per share, lowering its loss from a year earlier of $25 million.
Yahoo analysts had forecast a loss of $0.85 per share.
The Costa Mesa-based company showed some growth in its developing artificial intelligence operating system, ending the second quarter with 86 customers, up 126%.