SoundHound AI Q4 Earnings: Revenue Miss, EPS Miss, Backlog Growth, 'Breakthrough Year' And More
Portfolio Pulse from Adam Eckert
SoundHound AI Inc (NASDAQ:SOUN) reported Q4 earnings with an 80% year-over-year revenue increase to $17.147 million, missing estimates. The company had a loss of 7 cents per share, also below expectations. It highlighted a backlog growth to $661 million and a cash balance over $200 million. SoundHound anticipates 2024 revenue between $63 million and $77 million, with 2025 revenue expected to exceed $100 million. Shares dropped 11.6% after hours following the announcement.
February 29, 2024 | 9:33 pm
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NEGATIVE IMPACT
SoundHound AI reported lower-than-expected Q4 earnings and revenue but showed significant backlog growth and a positive future revenue outlook. Shares fell 11.6% after hours.
The immediate negative reaction in after-hours trading to the earnings miss indicates a short-term bearish outlook for SOUN. However, the significant backlog growth and positive future revenue guidance may mitigate long-term impacts.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100