Artificial intelligence company Veritone Inc. of Costa said first-quarter revenue dipped slightly year on year, while the company’s net loss narrowed.
Net revenue for the three months ended March 31 was $11.9 million, down from $12.1 million in the same period a year earlier. The net loss narrowed to $12.7 million from $16.3 million a year ago.
Advertising net revenue slipped to $6 million in the first quarter because of the coronavirus pandemic, down from $6.5 million in the fourth quarter, Veritone (NASDAQ: VERI) said.
The company, makers of aiWARE, expects second-quarter revenue to be between $11.8 million and $12.2 million.
Veritone said it foresees negative impacts on revenue including cancellations and delays of sporting events, and slowness in film and television production due to the pandemic business shutdown. The company expects those impacts to be offset by a rebound in its advertising businesses.
Shares of Veritone have quadrupled since March 14 to $6.56 apiece and a $178 million market cap.
