SoundHound AI Stock Is Surging: What's Going On?
Portfolio Pulse from Adam Eckert
SoundHound AI Inc (NASDAQ:SOUN) reported Q2 financial results with revenues of $8.8 million, beating estimates of $8.06 million, and an EPS loss of 10 cents, better than the estimated loss of 11 cents. The company's revenues were up 42% YoY and it ended the quarter with approximately $130 million in cash. SoundHound expects full-year 2023 revenue in the range of $43 million to $50 million. The company's shares were up 18.1% in after-hours trading.
August 08, 2023 | 9:22 pm
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SoundHound's better than expected Q2 results and positive outlook for 2023 could lead to a short-term increase in its stock price.
SoundHound's Q2 results exceeded estimates, which is generally a positive signal to investors. Additionally, the company's positive outlook for 2023 revenue indicates strong future performance, which could further increase investor confidence and drive up the stock price in the short term.
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