Veritone, Inc. Announces Strategic Restructuring to Accelerate Profitability and Streamline Operations

New York, February 22, 2024 - PRISM MarketView - PRISM MediaWire -Veritone, Inc. (NASDAQ: VERI), a leader in enterprise AI software and solutions, announced yesterday a series of restructuring initiatives that were set in motion in January 2024. These initiatives are designed to refine its organizational structure and accelerate its path to profitability. Among the key actions taken, the company has reduced its workforce by approximately 14% across its global operations, with the majority of these reductions expected to be completed by the end of the first quarter of 2024. As a result of these measures, Veritone anticipates incurring up to $2 million in costs and expenses, largely due to severance and termination-related costs.

This strategic restructuring is a crucial part of Veritone’s broader strategy aimed at driving the company toward profitability by enhancing both cost and revenue synergies, thereby fostering greater operational efficiencies. Ryan Steelberg, Veritone’s Chairman and CEO, emphasized the leadership’s resolve in adapting Veritone’s AI strategy to meet market demands and secure long-term success. “Since my appointment as CEO a year ago, we have focused and delivered on our strategic priorities for profitable, sustainable growth,” Steelberg stated. He acknowledged the continuous efforts to streamline the organization to capitalize on the next wave of disruptive growth and address the increasing demand.

Veritone plans to offer an updated financial outlook, including the impacts of these restructuring initiatives, during its fourth quarter and full year 2023 earnings call scheduled for March 12, 2024.

Veritone (NASDAQ: VERI) designs human-centered AI solutions. Serving customers in the talent acquisition, media, entertainment and public sector industries, Veritone’s software and services empower individuals at many of the world’s largest and most recognizable brands to run more efficiently, accelerate decision making and increase profitability. Veritone’s leading enterprise AI platform, aiWARE™, orchestrates an ever-growing ecosystem of machine learning models that transforms data sources into actionable intelligence. Guided by its commitment to responsible AI use, Veritone blends human expertise with AI technology to advance human potential and help organizations achieve more than ever before.

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