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rest of the market getting hammered. Looks like something is creating excitement
Palantir rockets after hours. Veritone in LaLa land
Chad getting a million up front and 50K a month for what? And the only person at Veritone in charge of measuring Chad's performance is brother Ryan. Pure cringe.
Just like hapless shareholders, these analysts have no idea what is going on at Veritone. Looks like Veritone has shut them out as well.
The only thing we know is Chad Steelberg is fat and happy.
On Thursday, Veritone Inc . (NASDAQ:VERI) received an upgrade in its stock rating from Roth/MKM, moving from Sell to Neutral. The firm also adjusted the price target for Veritone, setting it at $1.85, a decrease from the previous target of $2.00.
The upgrade is based on the expectation that Veritone will begin to see a return to growth by the middle of 2024. This projection is tied to easing comparables in the fourth quarter and anticipated improvements following a period of lower hiring by Amazon (NASDAQ:AMZN). Roth/MKM notes that Veritone could start gaining traction and return to growth on a like-for-like basis by mid-2024.
Roth/MKM cited several factors contributing to the improved outlook for Veritone. These include a downsized cost structure, improved liquidity, and the potential for cross-selling opportunities. The firm believes these elements collectively suggest that the downside risk for Veritone has been mitigated, warranting the upgrade to a Neutral rating.
The analyst's commentary highlighted that while there are still challenges ahead for Veritone, the possibility of growth returning and the company's strategic adjustments provide a more stable foundation.
"Further optimism depends on enhanced revenue visibility and successful product adoption," wrote the analyst.
Veritone's future performance is now under watch, with the market anticipating the company's progress towards achieving the growth and stability outlined by Roth/MKM. The firm's revised price target and stock rating reflect a cautious but improved outlook for the artificial intelligence technology company.
They had 1.99M shares back in September, So their holdings remain the same
Seth no longer Chief Marketing & Strategy Officer.
Now Marketing and Strategy Advisor.
https://www.linkedin.com/in/sethgreenberg/
Why keep him around?
But then again, everything is "coming soon" with this POS.
I think that one could have been a cat fight with the new CMO. As Maria Moore stated, new marketing positions coming soon.
VP of Marketing gone.
https://www.linkedin.com/feed/update/urn:li:activity:7157751171208634368/
Those comments certainly did not age well. They shut Chad up, never to speak publicly about aiWare again.
But I have to say, no matter how much BS that was, they went the opposite extreme with Ryan. I think every CEO to some degree is the head cheerleader for a company's offerings. But Ryan never says anything about how Veritone differentiates. He is the worst CEO I have seen when it comes to evangelizing product offerings. You watch any of his interviews as CEO. He talks about AI in general. He talks more about his history leading up to Veritone more than any specifics of what Veritone has to offer. And it's all more matter of fact rather than with any degree of enthusiasm. And it's hard for me to believe that he is just too stupid to know better. Even if aiWare is a dud, he could be bragging up their HR tech. Why is it better?
I don't care how bad your company is. You can still act like a cheerleader and have enthusiasm about your products and BS about how they are great. He does none of that. He basically just will say what they are involved in generally speaking and leave it at that.
He is not evangelizing anything. Maybe he's just being honest and it's his way of saying Veritone doesn't have a pot to piss in. Hard to believe.
Also thought that maybe he is there to be some kind of interim CEO until the roadmap is complete. He just took on the Chairman role. Maybe someone else steps in as CEO here shortly.
Are you saying this quote from less than 2 years ago is BS? lol
aiWARE's impact is much bigger than my local community or personal life. It is impacting massive industries in profound ways, touching every corner of the world, and we are only getting started. aiWARE is poised to expand into every facet of our lives, both the real world and the metaverse yet to come. It's important to note, not all AI companies are equal. Some companies are delivering machine learning models and tools. Others are providing consulting and integration services, and a few are delivering point solution applications in specific industries. However, only Veritone has developed an AI operating system with all of its supporting applications and services that can power a vast array of AI applications across any industry.
The Veritone of the future will have billions of end users, millions of customers with less than 1% of the applications running on aiWARE being developed and owned by Veritone. We are building the OS of the future, and we've reached the tipping point.
You might not see it yet but trust me, it's there in the shows you watch, in the police that protect and serve you better, in the electricity that powers your electric vehicle and so much more, and it's all running on aiWARE and getting smarter every day.
Also interesting that it doesn't look like Veritone has posted even once on Linkedin about HR solutions.
Broadbean has posted maybe twice this year. Pando maybe posted once this year.
But to spend all that money on Pando and Broadbean and looks like no sense of urgency to get the message out this year.
Interesting that when Steelbergs were all crazy over the metaverse, they didn't waste any time slapping together the Veriverse website which is now disappeared. Also started the VeritoneVoice website around the same time which is still going.
But for some reason they can't start a Veritone Hire website. I would think it would be much more important than the above two websites considering all the money they've spent on HR.
have no idea what their plans are. Just know what their current strategy is.
1. Let's make sure the website remains outdated and confusing.
2. Make sure we release no information on Veritone Hire. We want our potential customers to remain confused about our HR offerings.
3. Lets keep a lid on aiWare 3.5. We want to make sure we miss the window of opportunity.
4 Lets make sure we let the public know about all the money we are funneling to Chad S. for his aiWare consulting. That way we show that the aiWare platform is not only useless, but expensive.
maybe we will see another Linkedin post on Veritone Redact again today. That could be what the market is waiting for.
Think lots of aiWare people out the door along with CS
https://www.linkedin.com/in/gregory-meinke-04342/
delete
"Knowing CS personality got to be a killer that Aiware failed big time."
Agree. Also has to be a killer knowing the stock is rallying the day after he has been stripped of any power.
CS has profited handsomely from aiWare BS, while long term investors are nearly wiped out.
sure looks that way
ok. Looks like just more bug fixes. https://docs.veritone.com/#/versions/readme
where do you see that? I just see the same aiWAre release update back from December.
Sounds to me like he's getting 1 million up front, plus 50 grand a month or 1.2M over the next two years. All for just providing "reviews and assessments". Plus, he still remains on the board.
We'll see. I think it's ready. All the recent release notes are just minor updates. And coincides with Greg Loose linkedin page indicating product roadmap completed by end of year. Today's 8K coincides with linkedin post from new CMO. Per RS, start of this year is beginning of new growth trajectory. lol
While not nearly as promising as during the "billions of end users" and "massive backlog" BS days, I think we may be pleasantly surprised this year. But I would be satisfied with 10. 5 would be disappointing but OK. Current price is horrific.
But we got Chad out of the way. Got the Ingram CFO on Board that could be influential. I think we have an aggressive CMO coming on. Still don't know their plans for Veritone Hire, and think CMO has a lot of contacts from her previous company.
Also, Saw on a Deloitte web page that was recently added, it said CortexAI coming soon. So makes me believe that CortexAI has also been trial based to date and not revenue generating. When aiWare 3.5 comes out, I guess it is possible that they could start generating revenues from the platform.
Maybe the Chad news today, is a sign that we may see a PR or marketing on aiWare 3.5 soon along with customer info.
2. Services. The Services will include such technical advisory services related to the Company’s software, software architecture and technology strategy that may be requested by the Company’s Chief Executive Officer (“CEO”) from time to time, including without limitation, (i) regular architectural reviews for the Company’s aiWARE platform; (ii) review of product development initiatives across the Company; and (iii) quarterly technical assessments of key technological advancements in the field of artificial intelligence.
For the avoidance of doubt, Consultant shall no longer have day-to-day oversight, management or responsibility for the Company’s aiWARE production systems, product roadmap, budget or personnel, except as may be requested by the CEO.
Like you say, what does Al Brown do? Why can't Al Brown perform the above duties?
It looks to me like maybe there has been a rift between Chad and the rest of the Board, including his brother. Chad thought aiWare was going to save the world. Ryan and the Board had to pursue a more realistic strategy. They gave Chad a year as a consultant to try to do something with aiWare. Nothing happened. Now just paying him off.
There is no question that the company owes its shareholders an explanation of what is happening with their platform and what CS accomplished. All we shareholders get to know about aiWare anymore is how much we are paying Chad Steelberg.
Steelberg has known Seth for many years because Seth was CMO for Alteryx, and also Lifelock before that, which was an old customer of Veritone
I don't know, his title is Chief Marketing & Strategy Officer. Think he had more to do with strategy than marketing.
Yeah we heard absolutely nothing from Seth. It's obvious that he did not perform any typical CMO role at Veritone. But before he came to Veritone he was interviewed in a podcast, and he sounds more like a dealmaker kind of guy to me. He did a great job for Intuit. But have no idea what he has done for Veritone.
She started with Veritone back in July as SVP, but looks to me like it was planned that she would be CMO
https://www.linkedin.com/in/vpmarketingpro/
I'm excited to announce I have been promoted to Chief Marketing Officer for Veritone! 2024 is the year of GROWTH - growth and investment in the marketing org - new roles we will share with our networks to fill strategic positions! Coming soon! hashtag#veritonemarketingrocks hashtag#veritone
yeah, can't figure them out. Ryan can spend 40 minutes in an interview and say nothing about how they differentiate. Buy Broadbean, and then go silent. All you see on Linkedin is posts about same old applications, running on aiWare which they never talk about.
We will see what this new CMO has to say. She seems pretty aggressive to me, and sounds smart. Also don't know why she would leave a more successful company to come to Veritone.
I'm giving it until March, then, if nothing, will start winding down. But if bad, then could be too late to wind down.
They say "we can't wait for the world to see what's in store for 2024". Gotta keep that carrot in front of the shareholder.
Banta ups from 2.5M to 3.2M
Yeah, his twitter page says "Former Global SVP Veritone Inc "
Interesting, I didn't see that June 2023 end date. Wonder what he's doing now if not still at Veritone. I thought he was a lifer there. Been there since the start
he put 2023 in by mistake. should be 2024