Shares in Costa Mesa-based artificial intelligence company Veritone Inc. (Nasdaq: VERI) rose 20% after the firm raised its revenue guidance for the second quarter.
The stock was trading for $14.63 apiece at midday in New York, giving the company a market cap of $397 million.
Veritone said Wednesday it expects net revenues for the second quarter to be in the range of $13.1 million to $13.3 million, up from the range of $11.8 million to $12.2 million provided on May 11.
In addition, Veritone expects its adjusted net loss for the second quarter to be in the range of $5.8 million to $6 million, improving from the range of $6.1 million to $6.5 million provided two months ago.
Veritone will report second-quarter results on Aug. 10.
