SoundHound AI (SOUN) has years of experience in conversational and voice AI, and that expertise has helped drive revenue growth. But the company has yet to turn that growth into consistent profits. This is the reason now the company is making a bet that could change that. It is bringing more of its AI technology in-house, with management expecting the move to lower costs and improve profit margins. If this bet works, SoundHound may not just become a bigger AI company; it could become a much more profitable one. Let's find out what management is planning to do.
SoundHound AI develops conversational and voice AI technology that allows businesses to use AI agents to interact with customers. Its technology is used in areas such as cars, restaurants, healthcare, financial services, and retail, among others. SoundHound has been growing revenue at a rapid pace the last few years. In the most recent second quarter, revenue increased by 45% year-over-year (YoY) and 40% sequentially to $61.9 million. Despite the rapid revenue growth, SoundHound is not profitable yet. It reported a GAAP net loss of $0.10 per share and an adjusted net loss per share of $0.02 in Q2.
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