Cerence Clocks 30% Revenue Dip In Q3, Plans To Focus On Generative AI To Boost In-Car Experience
Portfolio Pulse from Nabaparna Bhattacharya
Cerence Inc. reported a 30.7% YoY decline in Q3 FY23 revenue to $61.7 million, beating the consensus of $60.83 million. Non-GAAP EPS loss of $(0.04) beat the consensus loss of $(0.15). The company plans to focus on generative AI to enhance in-car experience. For Q4, Cerence expects revenue of $72 million - $76 million. The company also raised the lower end of its FY23 revenue guidance.
August 08, 2023 | 3:23 pm
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Cerence's Q3 revenue declined but beat consensus estimates. The company's focus on generative AI could potentially drive future growth.
Despite the revenue decline, Cerence beat consensus estimates, which could be seen as a positive sign by investors. The company's focus on generative AI for in-car experience could potentially drive future growth, but it's too early to predict the impact of this strategy on the company's financial performance.
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