SOUN Earnings: SoundHound AI Surges after Beating Estimates - TipRanks.com

SoundHound AI (NASDAQ: SOUN) experienced a significant surge in after-hours trading following its Q1 Fiscal Year 2024 earnings report. The company outperformed expectations with earnings per share of -$0.07 against the forecasted -$0.09, and a revenue increase of 73% year-over-year, reaching $11.59 million versus the anticipated $10.1 million.

Looking ahead, SoundHound AI has raised its revenue forecast for FY 2024 to between $65 million and $77 million, surpassing analysts' expectations of $69.49 million. Investor sentiment is very positive, with a moderate buy consensus from analysts, suggesting a potential 46.82% upside in the stock price.