From Nasdaq: 2024-11-13 12:24:00

SoundHound AI (SOUN) reported a third-quarter 2024 loss of 6 cents per share, beating estimates by 25%. Revenues surged 89% to $25.1 million, driven by Generative AI solutions. The company acquired Amelia, expanding into new verticals. SOUN raised its 2024 and 2025 guidance, with shares up 256.6% year to date.

Operating expenses rose to $58.8 million, with General and Administrative expenses up 146%. Research and Development expenses increased by 53%. Sales and Marketing expenses rose by 87%. Adjusted EBITDA loss was $15.9 million. SOUN’s operating loss was $33.7 million. Cash & cash equivalents were $136 million.

SoundHound AI raised its full-year 2024 revenue guidance to $82-$85 million and expects $155-$175 million for 2025. The stock carries a Zacks Rank #3 (Hold). Better-ranked stocks include Adobe (ADBE), BiliBili (BILI), and NVIDIA (NVDA). Adobe shares have declined 11.7% year to date, while BiliBili and NVIDIA have seen gains of 73.3% and 199.5%, respectively.

Experts recommend 7 elite stocks, including SoundHound AI, as “Most Likely for Early Price Pops.” Since 1988, these picks have outperformed the market with an average gain of +23.7% per year. Investors can also consider Adobe, BiliBili, and NVIDIA. Check out Zacks Investment Research for more insights.



Read more at Nasdaq: Can SOUN Q3 Earnings Beat and FY24 View Push the Stock Higher?