Veritone Inc (VERI)

[GBR]

Another point about the 2/21/24 PR.

First, the heading of the PR, "Veritone Announces Restructuring Initiatives", makes it sound like this is a new initiative, like they just made the decision to do this, this year.

From the PR:
The organizational restructuring is only one component of a larger strategy focused on driving Veritone towards profitability through a range of cost and revenue synergies that will streamline operational efficiencies through continued integration.

Now, here is a quote from the August 08, 2023 Q2 earnings call.

"From a strategic perspective, Broadbean is integrated in over 100 applicant tracking systems with global customers across the EMEA, North America and APAC and is integrated with over 2,500 global job board providers accelerating our previous product roadmap by years. With the addition of our programmatic advertising solutions, we expect to realize significant revenue and cost synergies beginning in the first half of 2024 as we finalize our go-to-market and sales strategies."

Looks to me that they had anticipated the 1st quarter 2024 headcount reduction for a long time now. But like I say, they torpedo'd the stock with that headline, making it sound like this is something they decided to do this year.

Also, when they say back in early August "beginning in the first half of 2024 as we finalize our go-to-market and sales strategies, it looks like this timeline coincides with aiWare commercialization timeline.