SoundHound, the popular AI company, has seen a significant surge in their earnings after surpassing analyst estimates. This exciting news has propelled the company to new heights in the technology industry.
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Shares of SoundHound AI (NASDAQ:SOUN) saw a surge in after-hours trading following the release of its first quarter Fiscal Year 2024 earnings report. The company reported earnings per share of -$0.07, beating analysts’ consensus estimate of -$0.09 per share. Sales were up by 73% year-over-year, with revenue reaching $11.59 million, surpassing analysts’ expectations of $10.1 million.
Looking ahead, management anticipates FY 2024 revenue to be in the range of $65 million to $77 million, higher than analysts’ previous estimate of $69.49 million.
Investor sentiment towards SOUN stock is currently very positive, with 0.9% of portfolios tracked by TipRanks holding SOUN stock. The average portfolio weighting for those invested in SOUN is 5.24%, indicating confidence in the company’s future. Additionally, in the last 30 days, 34.8% of investors holding the stock increased their positions, showcasing a positive outlook for the stock.
Wall Street analysts have a Moderate Buy consensus rating on SOUN stock, based on four Buy ratings, one Hold rating, and one Sell rating assigned in the past three months. Following a 91% increase in the stock price over the past year, the average price target of $7.15 per share implies a potential upside of 46.82%. However, it is important to note that these estimates may change following the recent earnings report.
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1. What is SoundHound AI?
SoundHound AI is a technology company that specializes in voice-enabled AI solutions and digital assistant technology.
2. Why did SoundHound AI’s stock surge?
SoundHound AI’s stock surged after the company beat earnings estimates, indicating strong financial performance.
3. Should I invest in SoundHound AI?
Investing in SoundHound AI depends on your individual financial goals and risk tolerance. It’s always a good idea to do thorough research before making any investment decisions.
4. How can I track SoundHound AI’s stock performance?
You can track SoundHound AI’s stock performance by monitoring its ticker symbol on a financial news website or through a brokerage account.
5. What factors contributed to SoundHound AI’s success?
Factors that may have contributed to SoundHound AI’s success include innovative technology, a strong management team, and strong Market demand for their products and services.
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