Verity Reports Increased Revenue for Q2 '98

Verity (Sunnyvale, CA) reports Q2 '98 financial results. Revenue of $9.2 million represents a 73% increase from Q2 '97. A net loss of $7.2 million compares with a net loss of $9.8 million in Q2 '97. Restructuring charges amounting to $3.0 million negatively impacted Q2 '98 results. Software product revenues increased 114% from Q2 '97, to $6.7 million. CEO Gary Sbona pointed towards growth in the enterprise and OEM segments of Verity's business as positive signs. "We have taken significant steps designed to refocus our business and get our operating costs in line," he said.