Zinger Key Points
- The stock rose 12.8% following the announcement of its AI agent deployment at Apivia Courtage and its expanded voice AI integration in Kia.
- Q3 revenue grew 89% year-over-year, beating expectations, with the company raising its 2024 and 2025 revenue outlooks amid growing market.
- Benzinga shares with you top insiders news
SoundHound AI Inc. SOUN shares are trading higher Wednesday. The stock gained nearly 100% over the past month, driven by developments in its technology deployment, increased market enthusiasm for conversational AI and improved financial performance. Here’s what you need to know.
What To Know: On Nov. 22, SoundHound announced the successful deployment of its conversational AI agent, Amelia, at Apivia Courtage, part of France's AEMA Group. The AI system handled over 100,000 customer calls in 2024, reducing the volume of human-managed inquiries by nearly 20%. The project aimed to improve operational efficiency and allowed employees to focus on higher-value tasks.
In a separate announcement earlier on Nov.14, SoundHound highlighted its long-term partnership with Kia, which includes the integration of its voice AI technology in Kia vehicles in India. The system supports Hindi as a featured language, with plans to add 10 additional regional languages. This move reflects the company's expansion into localized, high-demand markets.
SoundHound also reported strong third-quarter earnings at the beginning of November. Revenue increased 89% year-over-year to $25.1 million, beating analyst expectations of $23.02 million. The company also raised its full-year revenue outlook for 2024 and 2025, projecting $82-$85 million in 2024 and $155-$175 million in 2025.
Short interest in SoundHound remains high, with 24.05% of its float sold short. Despite this, the stock has seen significant upward momentum, supported by strong performance metrics and investor optimism about the role of voice AI in emerging markets.
SoundHound executives are set to participate in upcoming investor conferences in December, which could provide further insights into the company's growth strategy. The stock's recent performance potentially indicates continued interest from both retail and institutional investors.
SOUN Price Action: SoundHound AI shares closed Wednesday up 14.30% at $10.15, according to Benzinga Pro.
Read Next:
Photo: Shutterstock.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
