What's Going On With SoundHound AI Shares Friday?

SoundHound AI, Inc. SOUN shares are gaining in the morning session on Friday.

SoundHound partnered with Perplexity, the conversational AI-powered answer engine. Jointly, the companies will integrate Perplexity’s online LLM capabilities into SoundHound Chat AI, enhancing its position as a leading voice assistant, leveraging real-time domains and generative AI responses, solidifying its status as the market’s most advanced voice assistant.

“By integrating Perplexity search capabilities into SoundHound Chat AI we’re raising the bar for voice assistants and the kinds of queries they can handle effortlessly,” said Mike Zagorsek, Chief Operations Officer at SoundHound AI. 

“Where this technology is already deployed in vehicles, we’re seeing usage habits shift substantially – increasing by multiples. We’re confident that this enhancement will further delight users as more and more people choose to talk rather than type.”

Yesterday, after the closing bell, the company reported financial results for the first quarter, where the company’s top-line results were up 73% on a year-over-year basis.

Also Read: SoundHound AI Q1 Earnings: Revenue Beat, EPS Beat, ‘Business Momentum Continues To Accelerate’ And More

Non-GAAP gross margin the quarter contracted to 65.5%, lower than 72.3% a year ago.

First quarter Adjusted EBITDA was a $(15.4) million loss, wider than the $(14.91) million loss in the year-ago period.

The consolidated results include the operational and transactional impacts from the acquisition of SYNQ3, which closed in the first quarter.

SoundHound reported an adjusted loss of 7 cents per share, which beat analyst estimates for a loss of 9 cents per share.

Price Action: SOUN shares are trading higher by 19.4% to $5.67 at last check Friday.

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