Chad Steelberg, a director and significant stakeholder in Veritone, Inc. (NASDAQ:VERI), a company currently valued at $91 million and trading at $2.37 per share, recently sold a substantial portion of his holdings. According to InvestingPro data, the stock has experienced significant volatility, declining over 9% in the past week. On December 13, Steelberg sold 504,657 shares of Veritone common stock at a price of $2.515 per share, amounting to a total transaction value of approximately $1.27 million.
Following this transaction, Steelberg retains direct ownership of 31,861 shares. Additionally, he holds indirect stakes in various entities, including 59,229 shares through Steel Holdings, LLC; 59,629 shares via The C&CS Family Trust; 160,426 shares through CSVH, LLC; and 425,603 shares held by his spouse as custodian for their minor daughter.
In other recent news, Veritone Inc (NASDAQ:VERI)., an AI solutions company, has reported significant developments. The company announced its Q3 financial results, revealing a decrease in year-over-year revenue to $22 million. However, Veritone also disclosed the sale of its media agency, Veritone One, for a potential $104 million, a move that aims to enhance the company's focus on its AI operations and sets the stage for profitability by fiscal 2026.
The company has also expanded its global talent acquisition offerings by launching a programmatic job advertising service in Australia. This AI-driven platform is designed to optimize the recruitment process and has already benefited Aveo Group, a company in the retirement living sector.
Veritone updated its fiscal 2024 guidance to a revenue range of $92.5 million - $93.5 million, with a non-GAAP loss projected between $37.5 million and $36.5 million. The fiscal 2025 revenue is expected to be between $107 million and $122 million, indicating a 22% year-over-year increase.
The company has also made its Artificial Intelligence Solutions Group's (AISG) offerings available on the AWS Marketplace, enabling easier access and deployment of Veritone's AI solutions within the AWS cloud environment for organizations looking to enhance their enterprise AI initiatives.
These are the recent developments surrounding Veritone Inc., as the company anticipates cash flow profitability by fiscal 2026.
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