$SoundHound AI (SOUN.US)$ I just saw this moments ago and I ...

Dan Ives one of the highest regarded tech analysts in the world made some favorable comments about SoundHound

And according to Wedbush analyst Daniel Ives, there’s plenty more to come. Ives’ positivity comes in the wake of the voice recognition specialist’s Q2 readout, with the company beating expectations both on the top-and bottom-line.

Based on ongoing strength in both automotive and restaurants, revenue rose by 54% year-over-year to $13.5 million, just edging ahead of the Street’s $13.1 million forecast. Meanwhile, the bookings backlog reached $723 million, amounting to a ~100% y/y increase on account of robust product royalties and a strong performance in the automotive sector as both new and current customers show growing interest in its Chat AI platform. On the bottom-line, EPS of ($0.04) fared better than the Street’s forecast of ($0.09).

Adding further sheen, the company announced it will acquire AI software firm Amelia for $80 million in cash and equity. With $45+ million in recurring AI software revenue, Ives thinks the purchase will “improve SOUN’s position within voice and conversational AI while expanding into new verticals such as retail, financial services, healthcare, smart devices, and more.” As such, SOUN now expects full year 2024 revenue to surpass $80 million vs. the $65.0 million – $77.0 million range expected beforehand.