SoundHound Inks Long-Term Partnership With Hyundai

SoundHound AI, Inc SOUN forged a 7-year deal with Hyundai Motor Co, Ltd HYMTF.
The collaboration looks to include SoundHound's Edge+Cloud voice AI technology, music recognition software, voice commerce solution, and multiple-language conversational intelligence in a broad range of vehicle models globally.
This partnership coincides with SoundHound's 2022 Q1 earnings release, featuring $230 million in cumulative bookings, up 134% year-on-year.
SoundHound reported revenues of $4.3 million, up 15% Y/Y.
SoundHound forged multiple new and expanded customer partnerships, including with Hyundai, Netflix, Inc NFLX, QUALCOMM Inc QCOM, Snap Inc SNAP, and VIZIO Holding Corp VZIO.
"Our first-quarter results demonstrate the momentum we are experiencing with our customers and the continued voice AI market expansion and acceptance," CFO Nitesh Sharan said.
SoundHound sees FY22 revenue of $27 million - $33 million versus a consensus of $30 million.
Price Action: SOUN shares traded higher by 2.13% at $6.23 on the last check Tuesday.