Voice AI technology company SoundHound AI (NASDAQ: SOUN) will be reporting results this Thursday after market close. Here’s what to expect.
SoundHound AI beat analysts’ revenue expectations last quarter, reporting revenues of $61.9 million, up 45% year on year. It was an incredible quarter for the company, with an impressive beat of analysts’ billings estimates.
Is SoundHound AI a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting SoundHound AI’s revenue to grow 56.5% year on year, slowing from the 67.6% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. SoundHound AI rarely misses Wall Street’s revenue estimates.
Looking at SoundHound AI’s peers in the automation software segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Microsoft delivered year-on-year revenue growth of 18.8%, beating analysts’ expectations by 1.8%, and ServiceNow reported revenues up 20.5%, in line with consensus estimates. Microsoft’s stock price was unchanged after the resultswhile ServiceNow was down 26.9%.
Read our full analysis of Microsoft’s results here and ServiceNow’s results here.
There has been positive sentiment among investors in the automation software segment, with share prices up 3.5% on average over the last month. SoundHound AI is down 29.8% during the same time and is heading into earnings with an average analyst price target of $12.57 (compared to the current share price of $4.13).
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