Veritone announces restructuring, to reduce workforce by 14%

Veritone and accelerating its path to profitability. These initiatives, which began in January 2024, include a workforce reduction that will impact approximately 14% of Veritone’s worldwide workforce, with the majority of these workforce actions being completed by the end of the first quarter of 2024. Veritone expects to incur up to $2.0 million in costs and expenses as a result of these reductions, which is primarily related to one-time severance, transition and termination-related costs. Management expects this reorganization will provide a more efficient and effective structure to continue to drive its near- and longer-term growth plans and leading AI software and solutions innovation. 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.