SOUN - SoundHound AI Impresses with Subscription Backlog Surge: Analysts See Positive Outlook Despite Top-Line Miss | Benzinga
Wedbush analyst Daniel Ives reiterated an Outperform rating on the shares of SoundHound AI Inc (NASDAQ:SOUN) and raised the price target from $5 to $9.
The company delivered its fourth quarter results featuring a slight top-line miss and a miss on adjusted EBITDA.
Revenue of $17.1 million came in below the Street's $17.7 million estimate. Its subscription and bookings backlog for FY23 increased 100% Y/Y to $661.0 million fueled by strong product royalties and strength in the automotive segment, noted the analyst.
The company's FY24 guidance of $63.0 million – $77.0 million was in line with the estimate of $69.7 million and ...