SoundHound AI, Inc. SOUN shares are trading lower in Thursday's after-hours session on the heels of the company's third-quarter financial results. Here's what's happening.
What To Know: SoundHound reported quarterly losses of nine cents per share, in-line with the analyst consensus estimate, marking a 40% increase over losses of 15 cents per share from the same period last year.
It clocked quarterly sales of $13.27 million, above the analyst consensus estimate of $12.78 million, an 18.61% increase over sales of $11.19 million in the same period last year.
SoundHound improved by several financial metrics during the quarter, including a year-over-year improvement of 46% in operating loss and 40% in net loss per share.
The company's total cash was approximately $110 million as of September 30.
Fourth-quarter revenue is anticipated to be between $16 million and $20 million versus the $17.56 million estimate.
"With continued strong revenue momentum and sustained progress on the path to profitability, we are delivering against the key milestones we laid out earlier this year," said Nitesh Sharan, CFO of SoundHound. "Underpinning those financial results is a strengthening foundation of expanding automotive partnerships and enterprise restaurant customers that will help fuel our future."
Related Link: The Trade Desk Stock Tanks Following Q3 Performance And Outlook - Here's Why
SOUN Price Action: Shares of SOUN were down 4.62% at $1.65 in the after-hours session at the time of publication, according to Benzinga Pro.
Image by Vicki Hamilton from Pixabay
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