SoundHound Q1 revenue jumps 73%, tops expectations

SoundHound AI Inc (NASDAQ: SOUN) is trending slightly up in extended hours on Thursday after coming in ahead of Street estimates for its fiscal Q1.

Why else is SoundHoud stock gaining in after-hours?

The stock is being rewarded also because the voice AI company issued encouraging guidance for the future as well. SoundHound forecasts its revenue to fall between $65 million and $77 million in 2024.

Analysts had called for $69.50 million instead. Keyvan Mohajer – the chief executive of $SOUN said in a press release today:

The Nasdaq-listed firm ended the quarter with $682 million worth of combined cumulative subscriptions and booking backlog – up 80% versus last year. SoundHound stock is still down close to 45% versus its year-to-date high.

Notable figures in SoundHound Q1 earnings release

• Lost $33 million versus the year-ago $27.4 million
• Per-share loss still narrowed from 14 cents to 12 cents
• Adjusted loss printed at 7 cents at as per the earnings report
• Revenue jumped 73% year-over-year to $11.6 million
• Consensus was 9 cents a share loss on $10.1 million in revenue
• Ended the fiscal first quarter with $226 million in cash

SoundHound saw its gross margin come in at 60% in the first quarter. CEO Mohajer also said on Thursday:

Also today, $SOUN teamed up with Perplexity on next-gen voice assistants across automobiles and IoT devices.