Summary by Moomoo AI
On November 12, 2024, SoundHound AI, Inc., a leader in voice artificial intelligence, announced its financial results for the third quarter ended September 30, 2024. The company reported a record revenue of $25.1 million, marking an 89% increase year-over-year. The growth reflects a significant improvement in customer concentration and industry diversification, with contributions from automotive, restaurants, financial services, healthcare, and insurance sectors. Despite the revenue increase, the company reported a GAAP net loss of $21.8 million and a non-GAAP net loss of $15.0 million. The GAAP and non-GAAP earnings per share were a loss of ($0.06) and ($0.04), respectively. SoundHound also completed the acquisition of Amelia, an enterprise conversational AI leader, which is expected to expand the company's reach into new verticals. The company's CEO, Keyvan Mohajer, expressed confidence in the potential of conversational AI and the company's positioning to capitalize on this opportunity. SoundHound has updated its revenue outlook for 2024 to be in the range of $82 - $85 million and for 2025 to be between $155 - $175 million.
