SoundHound AI Inc (NASDAQ:SOUN) reported second-quarter financial results after the market close on Thursday. Here's a rundown of the report.
Q2 Earnings: SoundHound reported second-quarter revenue of $13.5 million, beating the consensus estimate of $13.083 million. The company reported an adjusted loss of 4 cents per share, beating analyst estimates for a loss of 9 cents per share.
Total revenue was up 54% on a year-over-year basis. SoundHound said its cumulative subscriptions and bookings backlog customer metric came in at $723 million and "roughly doubled" on a year-over-year basis. The company ended the quarter with a cash balance of $201 million.
"This has been a milestone quarter, with strong customer momentum across all of our key industries — including several new global brands," said Keyvan Mohajer, co-founder and CEO of SoundHound AI.
"We believe the demand for voice and conversational AI is increasing and are committed to strengthening our leadership position in this growing market."
Guidance: SoundHound raised its full-year guidance. The company now expects full-year 2024 revenue to exceed $80 million, up from a prior range of $65 million to $77 million. SoundHound also said it expects 2025 revenue to exceed $150 million.
"We continued to realize strong growth in the second quarter while meaningfully improving our capital structure. This is allowing us to further accelerate our organic business while capitalizing on high-impact M&A," said Nitesh Sharan, CFO of SoundHound AI.
Management will hold a conference call to discuss these results at 5 p.m. ET.
SOUN Price Action: SoundHound AI shares were up 7.87% in after hours, trading at $5.37 at the time of publication Thursday, according to Benzinga Pro.
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