SoundHound AI (SOUN) stock is soaring in pre-market trading Friday morning after the company raised its full-year 2024 earnings outlook. The artificial intelligence voice and voice recognition developer's first-quarter revenue rose 73% to his $11.6 million, ending the quarter with $226 million in cash.
Morning Brief anchors Brad Smith and Sheena Smith break down the latest developments in SoundHound AI and analyst commentary on AI stocks.
For expert insights and the latest market trends, click here to watch the full episode of Morning Brief.
This post was written by Nicholas Jacobino
video transcript
SoundHound shares are soaring after the company raised its full-year earnings outlook.
The company's CEO said voice AI is quickly becoming an essential tool for SoundHound's customer service department.
They're up over 100% 20% so far this year, and as we were here this morning continuing to track this heading into the start of today's trading, we saw the stock rise on this news. This quarter sets the tone for another year of strong growth for SoundHound, with sales up 73% in the first quarter. One of the things they point out is that it's going to be an interesting calculation to end the first quarter with about $226 million in cash. We'll also explain how you can start putting some of that cash to work over time.
Yes, that's right.
That's exactly right.
And if you look at analysts' initial reactions to the report, you can see some of the enthusiasm in Web Bush's brief comments.
They state that this report is a big step in the right direction for the company as they continue to build towards profitable growth with stable revenue pillars.
Again, this is due to Wedbush.
They rate the stock as Outperform and have a price target of $9.00 per share.
And Ken Fitzgerald is also very optimistic following Heal or following these results, saying that some of the partnerships that have been announced regarding the auto space will be beneficial for future growth when it comes to the restaurant space as well. said.
So we've certainly been talking a lot about this name over the last few months and asking questions about how much trading is definitely happening in conjunction with the fundamentals of the business here. Ta.
But at least from these results here and the brief comments we've gotten from analysts, it seems like there's at least some real reason to be optimistic about this name.
In the long run, I'm just grinning a little bit here, because this has to be one of the first financial statements I've seen that church chicken scream, uh , you're right, you were talking about the restaurant business and you were using very classy language, but uh, church, chicken was yelling at the sound hound.
Click here for the IS report.
One of the big deals.
Yes, it's a quick service restaurant.
At this point, it looks like that's one area where Soundhound can really shine.
It is very good.
Church's, Chicken and Martine share the increase as a result of these better-than-expected results.
Now, here's another name to keep an eye on, this trading site.
