SoundHound AI Q1 Earnings: Revenue Beat, EPS Beat, 'Business Momentum Continues To Accelerate' And More
Portfolio Pulse from Adam Eckert
SoundHound AI Inc (NASDAQ:SOUN) reported Q1 earnings with revenue of $11.6 million, surpassing estimates of $10.104 million and marking a 73% year-over-year increase. The company also beat EPS estimates with an adjusted loss of 7 cents per share against expected 9 cents. Cumulative subscriptions and bookings backlog rose by 80% year-over-year to $682 million. SoundHound ended the quarter with $226 million in cash. The company projects full-year 2024 revenue between $65 million and $77 million, against estimates of $69.49 million. Shares rose 0.4% after hours to $4.75.
May 09, 2024 | 8:41 pm
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SoundHound AI reported strong Q1 earnings, beating revenue and EPS estimates with significant year-over-year growth. The company also provided an optimistic revenue outlook for 2024.
SoundHound AI's Q1 earnings report exceeded expectations in both revenue and EPS, indicating strong business performance and growth. The positive outlook for 2024 revenue further supports the potential for continued growth, likely leading to a positive short-term impact on the stock price.
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