Why SoundHound AI, BigBear.Ai Shares Are Rising After Hours

SoundHound AI Inc SOUN and BigBear.Ai Inc BBAI shares are moving higher in extended trading Thursday after C3.Ai Inc AI shares jumped more than 15% following the AI company's better-than-expected financial results and strong guidance. 

• AI Q3 Revenue: $66.67 million beat estimates of $64.25 million
• AI Q3 EPS: Loss of 6 cents beat estimates for loss of 22 cents

"As we enter Q4 FY 23, we are seeing tailwinds from improved business optimism and increased interest in applying C3 AI solutions to address an increasing range of applications across a broad range of industries. The overall business sentiment appears to be improving. This is a dramatic change from what we experienced in mid 2022," said Thomas Siebel, CEO of C3.Ai.

Outlook: C3.Ai sees fourth-quarter revenue in a range of $70 million to $72 million versus estimates of $69.85 million. The company expects full-year 2023 revenue to be between $264 million and $266 million versus estimates of $261.3 million.

Related Link: Shares Of C3.ai Are Taking Off: What's Going On?

C3.AI, SoundHound AI and BigBear.Ai all operate in the artificial intelligence space. 

C3.Ai offers software-as-a-service applications that enable customers to rapidly develop, deploy and operate large-scale Enterprise AI applications.

SoundHound AI offers an independent Voice AI platform that enables businesses to deliver high-quality conversational experiences to customers.

BigBear.Ai operationalizes AI and machine learning at scale through its end-to-end data analytics platform.

SOUN, BBAI Price Action: SoundHound shares are up 5.93% after hours at $2.67 while BigBear.Ai shares are up 3.32% at $2.96, according to Benzinga Pro.

Photo: Gerd Altmann from Pixabay.