SoundHound AI Inc (SOUN) stock plunged 6.49% in the pre-market trading session on Tuesday, following the company's wider-than-expected earnings loss for the fourth quarter reported last Thursday.
The AI company, which specializes in conversational intelligence and voice AI platforms, saw its shares tumble despite impressive revenue growth projections. According to the article, SoundHound's total sales are forecasted to soar 96% to $166.2 million in the current fiscal year, after nearly doubling to $85 million in the previous year.
However, the company's path to profitability remains uncertain. SoundHound posted an adjusted loss of -$1.02 per share in the fiscal year 2024, a significant decline compared to -$0.38 in 2023. While the company is expected to move closer to profitability in the next two fiscal years, with estimated losses per share of -$0.25 and -$0.19 respectively, the wider-than-expected loss in the latest quarter seems to have spooked investors, leading to the pre-market sell-off.
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