SoundHound AI Inc SOUN reported financial results for the first quarter Thursday after the bell. Here’s a look at the key metrics from the quarter.
Q1 Highlights: SoundHound reported first-quarter revenue of $11.6 million, which beat the consensus estimate of $10.104 million, according to Benzinga Pro. The company’s top-line results were up 73% on a year-over-year basis.
SoundHound reported an adjusted loss of 7 cents per share, which beat analyst estimates for a loss of 9 cents per share.
SoundHound said its cumulative subscriptions and bookings backlog customer metric totaled $682 million and was up by approximately 80% on a year-over-year basis.
The company ended the quarter with a cash balance of $226 million.
“Our first quarter sets the tone for 2024 as another year of strong growth for SoundHound. Voice AI is fast becoming a must-have tool for customer service, and that’s reflected in the demand we’re seeing for subscriptions,” said Keyvan Mohajer, co-founder and CEO of SoundHound AI.
Outlook: SoundHound expects full-year 2024 revenue to be in the range of $65 million to $77 million versus estimates of $69.49 million.
SoundHound AI CFO Nitesh Sharan noted that the company’s business momentum continues to accelerate with a growing pipeline across all businesses.
Management will hold a conference call to discuss these results at 5 p.m. ET.
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SOUN Price Action: SoundHound AI shares were up 0.4% after hours at $4.75 at the time of publication, according to Benzinga Pro.
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