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SoundHound AI Shares Tumble 8.1% on Wider 4Q Loss appeared on www.marketwatch.com by MarketWatch.
By Denny Jacob
SoundHound AI Inc. shares tumbled 8.1% to $3.06 in aftermarket trading Tuesday following a wider loss in the latest quarter.
The company, which develops and commercializes voice, sound and natural language artificial intelligence technologies and more, posted a loss of $30.7 million, or a loss of 15 cents a share, for the fourth quarter ended Dec. 31, compared to a loss of $21.8 million, or a loss of 32 cents a share, a year earlier. Analysts polled by FactSet expected a loss of 17 cents a share.
Revenue rose to $9.5 million from $5.2 million. Analysts polled by FactSet expected $8.8 million.
The company said it expects revenue to grow around 50% in 2023 and set a range between $43 million to $50 million.
“We have taken the necessary steps to significantly improve our operating efficiency, strengthen our financial foundation, and we have a clear line of sight to near-term profitability and sustained long-term growth,” said Chief Financial Officer Nitesh Sharan.
SoundHound also announced an upcoming launch of its chat artificial intelligence service for end users and businesses, which comes as a stream of companies have outlined plans to implement or roll out additional products and services that incorporate AI amid the technology’s recent developments.
Shares, which closed up 2.2% to $3.33, are up about 88% so far this year.
Write to Denny Jacob at [email protected]
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