AI Stock News Bite – SoundHound AI, Inc. (Nasdaq: SOUN) Gains over 12% – Investorideas.com newswire

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March 12, 2024 (Investorideas.com Newswire) Investorideas.com (www.investorideas.com) AI Stock News Bite – SoundHound AI, Inc. (Nasdaq: SOUN), a global leader in voice artificial intelligence, is one of the Ai stocks performing well today, trading at $6.74, up $0.76 or 12.71%.. The stock had a day’s high of $6.79.

On February 29th SoundHound AI reported its financial results for the fourth quarter and full year 2023.

“This was a breakthrough year in which SoundHound rapidly integrated powerful new generative AI capabilities. Our real-world voice AI applications are already live and driving consumer engagement across vehicles, devices, and customer service businesses,” said Keyvan Mohajer, CEO and Co-Founder of SoundHound AI. “We also acquired SYNQ3, establishing SoundHound as the largest voice AI provider for restaurants. Our pace and agility amid this AI revolution has put us ahead of the field when it comes to delivering real commercial value.”

Fourth Quarter and Full Year Financial Highlights

Fourth quarter revenue was $17.1 million, an increase of 80% year-over-year

Fourth quarter gross margin was 77%, an increase of 6 percentage points year-over-year

Fourth quarter earnings per share was a net loss of ($0.07), compared to ($0.15) in the prior year, improved by 53%

Adjusted EBITDA (non-GAAP) was ($3.7) million, compared to ($18.8) million in the prior year, improved by 80%

Full year revenue was $45.9 million, an increase of 47% year-over-year

Full year gross margin was 75%, an increase of 6 percentage points year-over-year

Full year earnings per share was a net loss of ($0.40), compared to ($0.74) in the prior year, and improved by 46%

Adjusted EBITDA (non-GAAP) was ($35.9) million, compared to ($72.8) million in the prior year, and improved by 51%

Combined Cumulative Subscriptions and Bookings Backlog1 customer metric grew to $661 million, up 2x compared to the prior year comparable measure

Achieved an annual run rate of ~3.5 billion queries, up roughly 50% year-over-year

“We finished the year strong by accelerating revenue and meaningfully increasing our penetration in the marketplace,” said Nitesh Sharan, CFO of SoundHound AI. “We have fortified our balance sheet and taken prudent measures to strengthen our bottom line to ensure we can continue to capitalize on the tremendous customer demand for our AI solutions.”

Read the company’s full news and disclaimer here:

https://investors.soundhound.com/news-releases/news-release-details/soundhound-ai-reports-record-quarter-80-q4-revenue-growth-171

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