Summary by Moomoo AI
On May 9, 2024, SoundHound AI, Inc. reported its financial results for the first quarter of 2024, ending March 31, 2024. The company announced a significant 73% increase in revenue to $11.6 million and a strong cash balance of $226 million. Despite the revenue growth, the company reported a GAAP net loss of $33.0 million and a non-GAAP net loss of $19.9 million. The results include the impact of the acquisition of SYNQ3, which was completed in the first quarter. SoundHound AI also raised its full-year revenue outlook, now expecting it to be in the range of $65 to $77 million. The company's CEO, Keyvan Mohajer, highlighted the growing demand for voice AI in customer service, which is reflected in the company's subscription growth and the operational highlights of the quarter. These include partnerships with NVIDIA and Stellantis, the acquisition of SYNQ3, and the expansion of voice AI ordering with Applebee's and other large QSR brands. The company will hold its Annual Shareholder Meeting on June 12, 2024, and plans to file its 10-Q with further details on the financial adjustments.
