Shares of SoundHound AI Inc. (NASDAQ: SOUN) plummeted 5.26% in pre-market trading on Tuesday, as the voice AI company grappled with concerns raised by CNBC's Jim Cramer over its financial performance and reliance on meme stock trading.
SoundHound AI, which develops voice assistants and customer service solutions powered by artificial intelligence, has faced mounting losses in recent quarters. In its third-quarter 2024 report, the company posted an operating loss of $33.8 million, more than double the $14.5 million loss it recorded in the same period the previous year.
Addressing the stock's recent volatility, Cramer characterized SOUN as a "meme stock" and a "short squeeze only," suggesting that its share price movement has been driven more by retail investor speculation than by its underlying business fundamentals. Cramer advised the company to consider selling around 50 million shares to bolster its cash position and alleviate concerns about its ongoing cash burn.
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