Shares of voice AI platform provider SoundHound AI (NASDAQ:SOUN) are soaring in the pre-market session today on the back of the company’s robust third-quarter showing.
While revenue skyrocketed ~178% year-over-year to $11.2 million, net loss per share at $0.15 came in lower than the Street’s estimates by $0.02. The company continues to see strong adoption trends for voice AI coupled with growth in royalty revenues in automotive and IoT.
Further, the company has a cumulative backlog of $302 million (239% growth) and is seeing ~180 million monthly queries.
Looking ahead, for the full-year 2022, SoundHound now sees revenue landing between $28 million and $32 million. Additionally, the company has undertaken cost reduction actions and is trimming its headcount by about 10%.
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