SoundHound Q1 revenue jumps 73%, tops expectations

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on May 9, 2024
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  • SoundHound reported its financial results for the first quarter today.
  • Here's what its CEO Keyvan Mohajer said in a press release on Thursday.
  • SoundHound stock is now down nearly 45% versus its year-to-date high.

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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.

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Why else is SoundHoud stock gaining in after-hours?

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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:

We combine our 20+ years of technology innovation and billions of customer interactions to create the best voice AI technology on the market. Global brands are increasingly looking to us to provide an exceptional experience.

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

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  • 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:

Our Q1 sets the tone for another year of strong growth for SoundHound. Voice AI is fast becoming a must-have tool for customer service, reflected in demand we’re seeing for subscriptions.

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

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