Artificial intelligence company Veritone Inc. of Costa Mesa said net revenue rose 8.1% in the second quarter compared to the same period a year ago, bolstered by growth in its advertising branch.
Revenue in the two segments of artificial intelligence aiWARE – software as a service along with content licensing and media services – slipped to $6.2 million in the three months ended June 30 from $6.4 million in the second quarter of 2019.
Advertising segment revenue rose 20.5% in the second quarter to $7 million from $5.8 million in 2019.
The company’s net revenue for the second quarter was $13.3 million compared with $12.3 million in the second quarter of last year. Veritone (Nasdaq: VERI) narrowed its net loss for the period to $11.8 million from $16.7 million in 2019.
“We are forecasting an even better performance in the third quarter,” CEO Chad Steelberg said in a statement.
Shares in Veritone fell 2.1% in after-hours trading to $12.68 apiece.