What's Going On With SoundHound AI Stock?

Shares of voice AI solutions company SoundHound AI Inc SOUN are moving higher Wednesday after the company's quarterly results came in above analyst expectations.

• Q2 Revenue: $8.8 million beat estimates of $8.06 million
• Q2 EPS: loss of 10 cents beat estimates for a loss of 11 cents

Revenues were up 42% year-over-year. Gross margin came in at 79%. SoundHound ended the quarter with approximately $130 million in cash. 

"We mark another quarter of strong growth, with our AI powering millions of devices and services and billions of successful interactions per year. We expect our unique Generative AI integration will result in faster adoption and even greater capabilities," said Keyvan Mohajer, co-founder and CEO of SoundHound.

"And now, we are combining our vast amounts of experience and data to create the first of its kind, multimodal foundation model, supporting speech-to-meaning and enabling incredible new experiences."

Guidance: SoundHound said it continues to expect full-year 2023 revenue in the range of $43 million to $50 million versus a consensus of $45.13 million. The company also reaffirmed that it expects to be adjusted EBITDA positive in the fourth quarter. 

See Also: Why Celsius Holdings Stock Is Moving Higher Wednesday

SOUN Price Action: SoundHound shares were up 13.5% at $2.26 at the time of publication, according to Benzinga Pro.

Image: Andy Leung from Pixabay.