SoundHound AI, Inc. - SOUN STOCK NEWS

SoundHound AI (NASDAQ: SOUN) has launched its SoundHound Chat AI platform, merging sophisticated voice AI with Generative AI models, including ChatGPT. This innovative platform enables businesses to create enhanced voice interactions, reducing the chances of AI hallucinations.

The SoundHound Chat AI app is now available for subscription on the Android Google Play Store and will soon be offered on the iOS App Store. Leveraging proprietary technologies, SoundHound Chat AI can integrate various Generative AI models, providing users with fast, accurate responses across different topics.

SoundHound AI, Inc. (Nasdaq: SOUN) reported a strong performance for 2022, with full-year revenue reaching $31.1 million, a 47% increase year-over-year. The fourth quarter revenue rose 84% to $9.5 million. Despite significant operating losses, the company’s cumulative bookings backlog grew 59% to $332 million. For 2023, SoundHound anticipates a 50% revenue growth, targeting $43-$50 million. The company is strategically positioned in the voice AI market, unveiling innovative products and securing partnerships with major brands including Hyundai and Qualcomm. The CEO and CFO expressed optimism regarding operational efficiency and near-term profitability.

SoundHound AI, Inc. (Nasdaq: SOUN) announced it will report its 2022 fourth quarter and full year financial results on March 7, 2023, at 5:30 p.m. ET. The conference call, hosted by CEO Keyvan Mohajer and CFO Nitesh Sharan, will provide insights into the company's performance. Following the call, a webcast replay will be available for 90 days. SoundHound, recognized for its innovative voice AI technologies, serves notable clients such as Hyundai and Netflix.

SoundHound AI, Inc. (Nasdaq: SOUN) has launched Dynamic Interaction™ With Generative AI, enhancing its voice AI capabilities. This new technology provides hands-free access to a wide range of information and ideas, aimed at improving human-computer interaction.

Since its launch in November 2022, Dynamic Interaction has enabled real-time audiovisual feedback without the need for wake words. The integration of Generative AI allows users to interact naturally, making suggestions and retrieving data as needed. SoundHound has already secured partnerships with 17 automotive brands, showcasing its potential across various industries.

SoundHound AI, Inc. (NASDAQ: SOUN) announced that it expects its 2022 revenue to reach approximately $31 million, aligning with the high end of previous guidance, and anticipates a 50% year-over-year growth in 2023. The company has secured $25 million in preferred equity financing to bolster its balance sheet and aims to achieve GAAP operating cash flow positivity by the end of 2023. In addition, cost reductions are projected to yield over $60 million in savings. The company highlights its significant customer base and partnerships with major firms such as Qualcomm and Hyundai as catalysts for future growth.

SoundHound AI, Inc. (NASDAQ: SOUN) has partnered with Toast to integrate its voice technology into restaurants using Toast's point-of-sale system. This collaboration allows for voice orders over the phone, enhancing order efficiency and customer service. SoundHound's advanced voice AI can understand natural speech, facilitating seamless interactions. The solution aims to help restaurants optimize operations and improve customer experiences, demonstrating promising returns on investment as more restaurants adopt the technology.

SoundHound AI, Inc. (Nasdaq: SOUN) announced plans to streamline operations and focus on its SaaS product, SoundHound for Restaurants. With a bookings backlog exceeding $300M, the company aims to cut costs by 40% and maintain a 50% revenue growth in 2023. The restructuring is expected to make the company cash flow positive by Q4 2023. SoundHound's subscription service can help address labor shortages in the food sector, establishing a strong foundation for future growth.

SoundHound AI (Nasdaq: SOUN) has unveiled Dynamic Interaction, a groundbreaking voice AI technology designed to enhance customer service experiences, particularly in the restaurant sector. Unlike traditional systems, it processes speech in real-time, allowing users to communicate naturally without awkward pauses. This technology can suggest menu items dynamically and supports voice and touch inputs simultaneously. SoundHound aims to address staffing challenges in the restaurant industry and improve efficiency, marking a significant advancement in human-computer interaction.

SoundHound AI (SOUN) reported record financial results for Q3 2022, with revenues increasing 178% year-over-year to $11.2 million and a cumulative bookings backlog of $302 million, up 239%. The company achieved a gross margin of 77%, significantly improved from 59% the previous year. Operating expenses rose by 80%, leading to a net loss of $28.9 million. Despite this, SoundHound reaffirmed its 2022 revenue guidance of $28-$32 million. A workforce reduction of approximately 10% was announced to streamline operations. A new AI technology will be revealed on November 17, 2022.