On August 5, SoundHound AI Inc rose 10.42% in after-hours trading, trading at $7.06/share. The stock surged following the release of its second quarter earnings report after market close.
The company reported Q2 results that drew an enthusiastic market response. Heading into the report, analysts had projected revenue growth of approximately 59.32% year-over-year, building on Q1 revenue of $44.20 million which represented 51.72% growth. The positive after-hours reaction suggests results met or exceeded these elevated expectations.
The earnings come amid a series of strategic catalysts for the company. SoundHound AI recently received final regulatory clearance for its $43 million acquisition of LivePerson, with Wedbush projecting the combined entity could achieve $350-400 million in revenue by 2027, including at least $100 million from LivePerson's existing customers. The company was also named a Leader in the Gartner Magic Quadrant for Conversational AI Platforms and expanded its MUSC Health AI agent deployment past 2.2 million patient calls.
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