Veritone Inc. (NASDAQ: VERI) saw its stock plummet 5.16% in pre-market trading, extending its losses from the previous day's trading session. The artificial intelligence company's shares are under pressure despite beating analyst estimates in its third-quarter earnings report, as investors focus on the substantial net loss and cautious full-year outlook.

Veritone reported Q3 revenue of $29.118 million, surpassing the analyst consensus estimate of $28.6 million. The company's adjusted loss per share came in at $0.09, better than the expected loss of $0.15 per share. However, these positive results were overshadowed by a significant GAAP net loss of $26.88 million for the quarter, raising concerns about the company's path to profitability.

The continued stock decline can be attributed to Veritone's cautious full-year guidance. The company projects full-year adjusted net income ranging from -$31.6 million to -$26 million, suggesting ongoing challenges in achieving sustainable profitability. This outlook appears to have disappointed market participants, prompting a reassessment of Veritone's valuation and contributing to the pre-market plunge.