By Josh Beckerman
Shares of Remark Holdings, declined 40%, to 75 cents, after hours, following a more than 260% rise during the regular session Tuesday.
The video-analytics company said in a securities filing that it entered a five-year cloud-services and marketing agreement with Microsoft. The company said its “Remark AI business unit and its customers will consume $80 million of Microsoft Azure cloud services” and Microsoft will co-market Remark AI’s technology on the Microsoft Azure Marketplace.
Remark’s technology, which can “identify people and objects at scale,” is used for purposes such as traffic monitoring, behavioral detection and crowd intelligence.
Write to Josh Beckerman at josh.beckerman@wsj.com
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