DENVER - Veritone, Inc. (NASDAQ: NASDAQ:VERI), specializing in enterprise AI solutions, has announced a partnership with Eightfold AI to integrate its job distribution software with Eightfold's talent intelligence platform. This collaboration is designed to improve the recruitment process by utilizing AI for more efficient job distribution and candidate sourcing.
The integration will enable talent acquisition teams to post job vacancies across a vast network of over 2,000 job boards in more than 180 countries, with an emphasis on reaching the most suitable candidates. The AI-driven approach aims to provide a more precise and intelligent method for matching job postings with relevant applicants, enhancing engagement throughout the hiring cycle.
Ashutosh Garg, Co-CEO and Co-founder of Eightfold AI, emphasized the importance of evolving recruitment strategies to meet changing hiring needs and economic conditions. Alex Fourlis, General Manager of Veritone Hire, echoed this sentiment, highlighting the partnership's potential to streamline hiring with a data-driven approach.
The combined capabilities of the two platforms will offer predictive analytics, advanced candidate matching, and personalized outreach tools, helping organizations to target the right candidates for their job openings. Additionally, Veritone's solutions ensure compliance with the Office of Federal Contract Compliance Programs (OFCCP), supporting diversity and preventing discrimination in talent acquisition.
Veritone's enterprise AI platform, aiWARE™, is recognized for orchestrating a growing ecosystem of machine learning models that convert data sources into actionable intelligence, aiding in the efficiency and profitability of businesses across various sectors.
The news release also contains forward-looking statements regarding the anticipated benefits of the partnership. However, it acknowledges that there are inherent risks and uncertainties in such predictions, and there can be no guarantee that these expectations will be realized.
This partnership reflects the ongoing trend of leveraging AI technology in the recruitment industry to meet the challenges of a dynamic job market and the need for efficient talent acquisition practices.
Information for this article is based on a press release statement from Veritone, Inc.
In other recent news, Veritone Inc . reported impressive growth for its second quarter of 2024, with a revenue increase of over 10% compared to the previous year. This growth has been attributed to strong demand for its AI-based applications and a significant improvement in its financial metrics. The company also announced a substantial multiyear contract with the NCAA and an expansion of its partnership with AWS.
Veritone's restructuring efforts have resulted in a 47% improvement in non-GAAP net loss, with expectations to see the full benefits in the latter half of 2024. The company is also divesting a non-software asset to strengthen its balance sheet and is on track to achieve non-GAAP operating cash flow neutrality by Q4 2024.
Veritone's financial guidance for Q3 includes projected revenue of $34 million to $35 million and a non-GAAP net loss of $2.5 million to $4 million. For the full year, the company expects revenue to be between $136 million to $142 million, with non-GAAP net loss projected between $13 million and $16 million.
These recent developments indicate Veritone's progress towards profitability, with potential cash flow positivity by Q4 2024. However, despite improvements, the company reported a non-GAAP net loss in Q2 2024. Veritone's commitment to AI innovation and public sector service positions the company for future growth and profitability.
InvestingPro Insights
As Veritone, Inc. (NASDAQ: VERI) forges ahead with its strategic partnership with Eightfold AI, it's important for investors to consider the company's financial health and stock performance. The partnership aims to leverage AI for efficient job distribution and candidate sourcing, which could impact Veritone's market position and revenue streams.
InvestingPro data highlights that Veritone has a market capitalization of $129.85M and impressive gross profit margins at 79.31% for the last twelve months as of Q2 2024. This indicates a strong ability to retain earnings from sales after accounting for the cost of goods sold, which could be a positive sign for the company's financial sustainability. However, the company's revenue growth has slightly declined by 5.28% over the same period, suggesting challenges in expanding its top-line earnings.
Investors should note that Veritone's stock has experienced significant price volatility, with a one-week price total return showing a decrease of 11.2%. This could reflect market reactions to recent company developments or broader economic conditions. Despite this short-term fluctuation, the stock has seen a remarkable return over the last three months, with a 43.88% increase, showcasing its potential for rapid recovery and growth.
Two InvestingPro Tips for Veritone highlight the company's financial challenges: Veritone operates with a significant debt burden and is quickly burning through cash. These factors could affect the company's ability to sustain operations and invest in growth opportunities, such as the recent partnership with Eightfold AI. Moreover, the company does not pay dividends to shareholders, which could influence investor decisions, especially for those seeking regular income from their investments.
For those interested in a deeper analysis, InvestingPro offers additional insights on Veritone, including 12 more InvestingPro Tips that could help investors make more informed decisions. These tips can be found at https://www.investing.com/pro/VERI, providing a comprehensive look at Veritone's financial health and stock performance.
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