Yext CEO Howard Lerman Is Making a Bet on Voice Assistants
*By Carlo Versano*
Software company Yext, which helps companies control their public-facing information online, is making a big bet on voice assistants ー and its latest earnings report suggests the tactic is working.
Yext posted sales of $55 million in its latest quarter, a 35 percent rise from a year ago. Its loss of $0.10 a share was smaller than analysts expected.
The company "lets companies control their information on intelligent services like Siri, Alexa, and Google Assistant," CEO Howard Lerman, who founded the company in 2006, said Friday in an interview on Cheddar.
Lerman said his company was built on the profound changes modernity has made to information consumption ー what he called a "platform shift" from documents to voice-controlled databases. So instead of Googling information, users can rely on their digital assistants to get them what they need.
With reading, "it's up to you to do the thinking," Lerman said. But connected databases are rapidly becoming smart enough to understand what people want when they ask for it.
The company uses a software-as-a-service platform that allows its customers, which include Jaguar Land Rover, Home Depot, and Domino's Pizza, to edit and update facts about their brands in almost real-time. For instance, if McDonald's wants to change the calorie count of a sandwich, it can use Yext to make sure that a voice assistant like Alexa announces the correct number to customers.
Allowing businesses to maintain control of their own information protects them from "the tyranny of user-generated content," Lerman said.
He's betting that as machine learning advances, consumers will shift from search to voice for their most pressing, complex queries, and Yext will be there to help steer the information.
Yext, which made its market debut on the New York Stock Exchange in April 2017, has seen its share price more than double since its IPO. But the stock closed down Friday about 1.7 percent.
For full interview [click here](https://cheddar.com/videos/yext-ceo-howard-lerman-on-alexa-integration).
James Gallagher, CEO and Co-Founder of GreenLite, discusses the challenges of rebuilding the fire-affected LA area and how permitting complicates the process.
Super Bowl Champion, Julian Edelman, talks Chiefs' conspiracies, his fave TSwift song and his bet for Super Bowl LIX. Plus, the best time for a bathroom break.
Ron Hammond, Sr. Director of Government Relations at the Blockchain Association, breaks down Trump’s plan to strengthen U.S. leadership in financial technology.
BiggerPockets Money podcast is now available on Cheddar Wednesdays at 10am ET! Mindy Jensen shares how her podcast is helping people gain financial freedom.
The social video platform's future remains in doubt, as players scramble to profit from the chaos. Plus: Big oil gets bigger, DOGE downsizes, and tariffs!
Ty Young, CEO of Ty J. Young Wealth Management, joins Cheddar to discuss Trump's moves as he returns to Washington D.C. and how it may affect the U.S. economy.
Starbucks’ decision to restrict its restrooms to paying customers has flushed out a wider problem: a patchwork of restroom use policies that varies by state and city. Starbucks announced last week a new code of conduct that says people need to make a purchase if they want to hang out or use the restroom. The coffee chain's policy change for bathroom privileges has left Americans confused and divided over who gets to go and when. The American Restroom Association, a public toilet advocacy group, was among the critics. Rules about restroom access in restaurants vary by state, city and county. The National Retail Federation says private businesses have a right to limit restroom use.
President Donald Trump is talking up a joint venture investing up to $500 billion for infrastructure tied to artificial intelligence by a new partnership formed by OpenAI, Oracle and SoftBank. The new entity, Stargate, will start building out data centers and the electricity generation needed for the further development of the fast-evolving AI in Texas, according to the White House. The initial investment is expected to be $100 billion and could reach five times that sum. While Trump has seized on similar announcements to show that his presidency is boosting the economy, there were already expectations of a massive buildout of data centers and electricity plants needed for the development of AI.