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It’s not the print that Wall Street was looking for from conversational artificial-intelligence technology provider SoundHound AI (SOUN). While revenue of $29.1 million bested the year-ago quarter’s tally of $11.6 million by a 151% margin, the figure missed analysts’ consensus target. Further adjusted net losses widened to $22.3 million from $20.2 million, raising concerns about financial viability.
As such, SOUN stock stumbled quite badly, losing 7.8% on Friday. On a year-to-date basis, the equity finds itself down almost 55% — demonstrating promise thanks to its compelling AI products but also worrying investors amid broader economic and competitive challenges.
