Welcome to our dedicated page for Cerence news (Ticker: CRNC), a resource for investors and traders seeking the latest updates and insights on Cerence stock.
Cerence Inc. (NASDAQ: CRNC) is a leading software company based in the United States, specializing in creating advanced, AI-driven solutions for the mobility world. As an innovation partner to the world's leading automakers and mobility OEMs, Cerence is pioneering the future of connected mobility. The company's cutting-edge technology facilitates seamless, intuitive interaction between humans and their vehicles, integrating consumers' digital lives with their daily journeys.
Cerence boasts over 20 years of expertise and has shipped its technology in more than 475 million cars globally. The company's solutions span connected cars, autonomous driving, e-vehicles, and other domains, ensuring a smarter, safer, and more enjoyable driving experience.
Recent milestones include the appointment of Daniel Tempesta as Chief Financial Officer, who brings over 30 years of financial and operational expertise. Cerence also introduced CaLLM™, its automotive-specific large language model, which is already gaining traction with three major global automakers. Furthermore, the company is collaborating with Foxtron to bring voice-powered interaction to electric vehicles in Taiwan, and BMW Group is leveraging Cerence's Emergency Vehicle Detection technology to enhance safety features in its vehicles.
Financially, Cerence generates revenue primarily through software licenses and cloud-connected services, with a significant portion derived from the United States and a growing presence in regions like Europe, the Middle East, Africa, and Asia-Pacific. Despite facing challenges such as production delays and economic uncertainties, the company remains committed to advancing its generative AI and large language model product roadmap, aiming to drive sustainable, long-term value.
To stay updated on Cerence's latest developments, visit their website at www.cerence.com and follow the company on LinkedIn and Twitter.
Cerence Inc. (NASDAQ: CRNC) and VinFast have partnered to integrate the Cerence Connected Vehicle Digital Twin platform into VinFast's smart electric vehicles. This collaboration aims to enhance user experience through cloud connectivity and proactive AI notifications. VinFast will leverage real-time data to provide safety alerts, convenience features, and personalized services to drivers. The digital twin technology will allow for a comprehensive virtual representation of the vehicle, ensuring advanced functionalities and better operational performance as VinFast expands globally.
Cerence Inc. (NASDAQ: CRNC) will present at the 24th Annual Needham Virtual Growth Conference on January 11, 2022, at 10:00 a.m. Eastern Time. The presentation will feature a fireside chat with CEO Stefan Ortmanns and CFO Mark Gallenberger. Interested parties can access the webcast via the Investors section of the company's website. A replay will also be available thereafter. Cerence specializes in creating innovative mobility experiences, partnering with leading automakers, and has over 20 years of industry experience.
Cerence Inc. (NASDAQ: CRNC) has been named a CES 2022 Innovation Awards Honoree for its groundbreaking Cerence Co-Pilot, a proactive, multi-modal in-car voice assistant designed for connected and autonomous vehicles. This recognition reflects the product's exceptional design and engineering as evaluated by industry experts. Cerence Co-Pilot integrates voice, gaze, and gesture analytics with vehicle sensors to deliver timely, personalized information and actions, enhancing driver safety and productivity. The product will be showcased at CES in Las Vegas from January 5-8, 2022.
Cerence Inc. (NASDAQ: CRNC) has secured a record contract valued at $149 million with a major European automaker for its connected AI automotive assistant products. This deal signifies a strong validation of Cerence's ongoing OEM partnerships and its commitment to delivering custom-branded in-car experiences. CEO Stefan Ortmanns highlighted the milestone as a moment of growth and momentum for the company, reinforcing its role in the automotive sector.
Cerence Inc. (NASDAQ: CRNC) announces a partnership with Mercedes-Benz AG to enhance the MBUX multimedia system in the new EQS electric sedan. The collaboration introduces advanced features powered by conversational AI and Cerence Emergency Vehicle Detection. Drivers can interact with MBUX to access critical information regarding battery status, charging locations, and proactive notifications for emergency vehicles. This integration aims to improve the electric vehicle ownership experience, making it safer and more user-friendly.
Cerence Inc. (NASDAQ: CRNC) has unveiled Cerence Co-Pilot, a groundbreaking, AI-powered driving assistant designed to enhance user experience in connected and autonomous vehicles. This proactive, multi-modal system can anticipate drivers' needs through advanced integrations with vehicle sensors and real-time data. The Co-Pilot aims to improve safety by alerting drivers to maintenance issues and severe weather, while also offering conveniences like in-car commerce. Cerence will showcase this innovation at CES 2022.
Cerence Inc. (NASDAQ: CRNC) announced its partnership with Toyota Motor North America to integrate Cerence Browse into Toyota and Lexus vehicles. This AI-powered cloud service allows passengers to access real-time information and general knowledge while on the go. Users can ask diverse questions ranging from stock information to news events, enhancing the in-car experience beyond traditional navigation. The 2022 Lexus NX and Toyota Tundra models will be the first to utilize this technology, which aims to increase user engagement and satisfaction.
Cerence Inc. (NASDAQ: CRNC) announced the appointment of Dr. Stefan Ortmanns as its new president and CEO, effective immediately. Ortmanns, who has been with the company for over 20 years, previously led the Core Products business and is credited with generating more than 80% of Cerence's revenue. His leadership aims to enhance operational efficiency and foster innovation within the company. The transition follows the immediate resignation of Sanjay Dhawan, who led Cerence for two years. The company expects its first quarter fiscal 2022 results to align with prior guidance.
Cerence Inc. (NASDAQ: CRNC) has partnered with Micware, Co., Ltd. to enhance voice-powered assistant experiences for two-wheeler vehicles in Japan. Utilizing Cerence's two-wheeler mobility platform, the collaboration aims to integrate voice commands through helmet systems and digital speedometers. With the growing demand for e-bikes, this partnership seeks to offer safety and comfort through intelligent voice interfaces. The global connected two-wheeler market is expected to expand, providing a unique opportunity for both companies to innovate in this sector.
Cerence reported strong results for FY21, with revenue reaching $387.2M, a 17% increase compared to the previous year. The company achieved bookings of $590M, increasing its backlog to approximately $2B. Notable achievements included securing VinFast as a major customer and winning an Automotive News PACE Award for Cerence Pay. The GAAP operating margin was 15.7%, with net income of $45.9M. Despite industry challenges, Cerence expects continued growth, forecasting FY22 revenue between $400M and $425M, reflecting a 7% increase.
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