SoundHound AI (NASDAQ:SOUN) stock is a hot topic on Friday as Wedbush analysts praise the artificial intelligence (AI) solutions company’s shares in a recent note.
Wedbush had strong praises for SOUN stock after the company released its earnings report for the first quarter of 2024. That includes EPS of -7 cents on revenue of $11.59 million. Both of these figures came in better than Wall Street’s estimates of -8 cents and $10.1 million.
With these strong earnings comes an increase to its 2024 revenue guidance to between $65 million and $77 million. Wall Street’s full-year revenue estimate for SoundHound AI is $69.49 million.
Here’s what Wedbush had to say about the latest earnings news in a note to clients obtained by Seeking Alpha:
“Overall, we believe this was a major step in the right direction for the SOUN story as the company continues to build toward profitable growth with stable revenue pillars in Automotive/Restaurant and strong monetization capabilities to capture demand from enterprises across industries that seek ways to optimize efficiencies.”
SOUN Stock Movement on Friday
SOUN stock is up 14.4% as of Friday morning with more than 62 million shares of the stock changing hands. That’s closing in on the company’s daily average trading volume of about 68 million shares. Investors will also note that SOUN stock is up 161.5% since the start of the year.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
