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), also known as Cerence AI, stands as a global leader at the forefront of artificial intelligence for the transportation industry. The company specializes in creating intuitive and seamless AI-powered experiences, primarily for the automotive sector and beyond. With decades of expertise in voice recognition, generative AI, and large language models, Cerence is dedicated to making journeys safer, more connected, and more enjoyable for drivers and passengers worldwide.
Cerence's core business revolves around its CaLLM™ (Cerence Automotive Large Language Model) family of language models, powering advanced in-car assistants. These solutions enable natural and intelligent conversations within vehicles, enhancing user experience through voice-activated controls, information access, and personalized interactions. The company's technology is deployed in over 500 million cars globally, demonstrating its significant market reach and the trust placed in its innovations by leading automakers and transportation OEMs.
Recent announcements highlight Cerence AI's ongoing growth and strategic initiatives. The company has solidified a multi-year agreement with JLR to co-develop the next generation of luxury in-car experiences, further cementing its position in the premium automotive segment. Furthermore, an expanded collaboration with NVIDIA leverages the NVIDIA AI Enterprise platform to optimize the performance and scalability of Cerence's CaLLM models, ensuring cutting-edge AI capabilities for its automotive partners. Financially, Cerence AI has demonstrated proactive cash management, as evidenced by the strategic repurchase of convertible senior notes, aimed at reducing debt and optimizing its balance sheet for long-term financial health.
The appointment of Tony Rodriquez as the permanent Chief Financial Officer underscores Cerence AI's commitment to strong financial leadership and strategic growth. Mr. Rodriquez brings extensive experience and a proven track record in financial management, strengthening the company's executive team. Cerence AI continues to focus on innovation, expanding its product offerings, and delivering value to its automaker customers through advanced AI solutions that redefine the in-car experience.
Headquartered in Burlington, Massachusetts, with a global presence, Cerence AI is committed to pushing the boundaries of AI innovation in transportation, shaping the future of connected and intelligent mobility.
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.
Cerence Inc. (NASDAQ: CRNC) has been awarded Software Supplier of the Year at the Informa Tech Automotive Awards for its outstanding performance in 2020. This recognition highlights Cerence's innovative AI-powered products and their successful integration into vehicles by leading automakers. The award reflects Cerence’s commitment to innovation and its impact on the automotive industry. CEO Sanjay Dhawan emphasized the company’s leadership in voice recognition and the development of user experiences that will shape future in-car technologies.
Cerence (NASDAQ: CRNC) will announce its fourth quarter and full fiscal year 2021 financial results on November 22, 2021 at 7:00 a.m. EST. The announcement will be followed by a live conference call at 10:00 a.m. EST, where investors and analysts can participate by dialing in. The conference will be accessible via webcast on the company's website. A teleconference replay will be available until November 29, 2021. Cerence is known for its innovations in mobility, having shipped nearly 400 million cars equipped with its technology.
Cerence Inc. (NASDAQ: CRNC) announced its participation in the Gabelli 45th Annual Automotive Symposium on November 2, 2021, at 5:00 PM ET. The event will feature a fireside chat with CEO Sanjay Dhawan and CFO Mark Gallenberger. Investors can access the webcast through the Company’s website under the 'Events' section. A replay of the presentation will also be available on the site. Cerence is a leader in creating advanced mobility solutions, having shipped nearly 400 million cars equipped with its technology.
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