SoundHound AI Q2 Earnings: Revenue Beat, EPS Beat, Raised Guidance On 'Strong Customer Momentum'
SoundHound AI Acquires Software Firm Amelia in $80 Million Deal
SoundHound AI, Inc. (SOUN) Q2 2024 Earnings Call Transcript
SoundHound Sees Losses Outstrip Revenue, Though AI Company Beats on the Top Line
Nvidia concept stock SoundHound had a 54% increase in Q2 revenue, but losses widened by 30%. It rose more than 10% after-hours but then cooled down.
Soundhound's second-quarter revenue growth slowed to 54% year-on-year, still better than expected. EBITDA losses expanded by 30%, far exceeding expectations and ten times that of the first quarter. Due to the acquisition of AI software company Amelia AI, Soundhound has increased its revenue guidance by up to 23% this year, and is expected to turn losses into profits in the second half of next year after merging with Amelia AI.
S&P rises over 2%, the best in nearly two years, with chip stocks up about 7%, Nasdaq and Chinese stocks up 2.8%, and US Treasury yields and the yen falling for three consecutive days.
The latest employment data alleviates concerns over the US economy, and US stocks rose more than 1.7%. Nvidia's stock rose more than 6%, and Tesla, Alibaba, PDD Holdings, and Tencent ADR rose more than 3%. Bullish on weight loss drug reports, Eli Lilly and Co's stock rose more than 13%, and Novo-Nordisk A/S's US stock rose nearly 8%. The 10-year US Treasury yield rose above 4%, and short-term bond yields rose by 10 basis points. Oil prices rose for the third consecutive day, gold halted its five-day decline, and digital currency had a big increase.
JTTC19 : EBITDA loss expanded by 30%, far beyond expectations and ten times that of Q1. - not sure if this will cause any drop later.