SoundHound AI (NASDAQ: SOUN) initially impressed a lot of investors when it went public by merging with a special purpose acquisition company (SPAC) on April 28, 2022. It developed audio and speech-recognition services that weren't tethered to tech giants like 's Google or Microsoft.

But like many other SPAC-backed companies, SoundHound overpromised and underdelivered. It only generated $46 million in revenue in 2023, compared to its optimistic target of $98 million which it provided during its pre-merger presentation.

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Source Fool.com