Why SoundHound AI Stock Soared 34.6% Higher Last Month
After shaking off a steep drop in October, SoundHound AI (NASDAQ: SOUN) delivered a 34.6% gain in November 2023, according to data from S&P Global Market Intelligence. Is this voice-control specialist the dark horse of the artificial intelligence (AI) industry?
The company posted solid third-quarter results and launched new voice-controlled services for the restaurant sector. These mildly positive news items were enough to make investors forgive SoundHound for October's 20.9% drop. The stock rose 6.5% across the two months, exactly in line with the S&P 500 index's returns over the same period.
SoundHound AI's Q3 sales rose 19% year over year to $13.3 million. Adjusted net losses shrunk from $0.15 to $0.09 per share. Your average analyst had expected a net loss of $0.09 per share on revenue near $12.8 million, so the company met or exceeded Wall Street's expectations. The stock had already posted a 9% November gain at that point, but the report gave SoundHound's chart another boost.
Source Fool.com
