SOUNDHOUND AI INC - SOUN STOCK NEWS

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.

SoundHound AI (NASDAQ: SOUN) announces a partnership with HARMAN International to integrate advanced voice AI into the automotive sector. This collaboration aims to enhance the in-vehicle user experience by utilizing SoundHound's Speech-to-Meaning® and Deep Meaning Understanding® technologies. These technologies enable real-time speech recognition, allowing drivers to interact with apps and devices hands-free. With over 90% of new vehicles projected to have voice assistants by 2028, this innovation targets the growing demand for improved vehicle technology.

SoundHound AI, Inc. (NASDAQ: SOUN) will announce its third quarter 2022 financial results on November 10, 2022, after market close. The results will be accessible through a live audio conference call and webcast at 2:30 p.m. PT / 5:30 p.m. ET. The earnings press release will be available on SoundHound’s Investor Relations website. Key executives including CEO Keyvan Mohajer and CFO Nitesh Sharan will host the call, providing insights into the company's performance and future outlook.

SoundHound AI, Inc. (NASDAQ: SOUN) has launched a suite of Edge and Cloud connectivity solutions aimed at enabling voice technology in various products. The offerings include EdgeLite, EdgeLite+Cloud, Edge, Edge+Cloud, and Cloud-Only solutions, catering to different processing capabilities and data privacy needs. These innovations are designed to improve response speed, accuracy, and flexibility for automakers and smart device manufacturers. The EdgeLite+Cloud solution will be available in Q3 2022, while other options are currently for sale.

SoundHound AI, Inc. (Nasdaq: SOUN) reported its Q2 2022 results, showing strong growth in several key metrics. Revenues were $6.2 million, up 43% from Q1 2022, although down from the same quarter last year. The cumulative bookings backlog grew 207% year-over-year, and monthly queries increased 3x since 2021. Operating loss was $28.93 million, with a net loss of $30.67 million. The company maintains a full-year revenue guidance of $27 million to $33 million, anticipating growth from increased sales and marketing efforts.

SoundHound AI, Inc. (Nasdaq: SOUN) announced it will release its second quarter 2022 financial results on August 11, 2022, after market close. A live audio conference call will follow at 2:30 p.m. PT / 5:30 p.m. ET featuring CEO Keyvan Mohajer and CFO Nitesh Sharan. Investors can access the call through the company’s Investor Relations website. SoundHound's AI platform supports major companies, enhancing conversational experiences across various industries.

SoundHound AI, Inc. (Nasdaq: SOUN) has announced the deployment of its advanced voice AI technology in Stellantis vehicles in Europe. This includes features like Edge+Cloud connectivity, multi-language capabilities, and custom wake words. For the first time, SoundHound's Speech-to-Meaning and Deep Meaning Understanding technologies will be integrated into a unified hybrid voice experience in cars. The technology enhances in-car navigation and controls, even without a cloud connection, catering to global markets with support for multiple languages.