Will Soundhound stock reach $100, or $1000?
| Metric | Value | Trend |
|---|---|---|
| Current Market Cap | $440.5 M | Steady |
| Trading Volume | $7 M | Lower |
SoundHound AI, Inc. develops an independent voice artificial intelligence (AI) platform that enables businesses across industries to deliver high-quality conversational experiences to their customers.
Will Soundhound stock reach $100? Latest news
- SoundHound AI, a pioneer in voice artificial intelligence, is partnering with ChowNow, an online platform serving independent restaurants. This collaboration seeks to enhance restaurants’ approach to customer calls by introducing SoundHound’s Smart Answering service. With this, restaurants can use voice assistants or SMS to respond to inquiries about menus, operational hours, and other typical questions, ensuring they don’t miss revenue opportunities during peak times. Additionally, for those wanting to place orders, the Smart Answering system will direct them to the restaurant’s ChowNow ordering page via SMS.
Soundhound AI Q2 Earnings Highlights
Soundhound AI had a mixed performance in the second quarter. Their revenue growth was strong, but they still had a significant net loss. On a positive note, their adjusted EBITDA improved by a considerable margin.
Here are the highlights of Soundhound AI Q2 Earnings:
- Soundhound AI achieved $8.8 million in revenue, marking a 42% increase compared to the previous year.
- The company’s net loss amounted to $21.9 million, showcasing a 28% improvement year-over-year.
- Soundhound AI’s adjusted EBITDA reached -$9.9 million, indicating a 50% enhancement year-over-year.
- The company experienced robust growth in income from product royalties, particularly in the automotive sector.
- Soundhound AI expanded its IoT cloud units both sequentially and in comparison to the same period last year.
- The company also made an investment in its Generative AI Foundation Model.
In the first quarter of 2023, SoundHound earned around $7 million in revenues. In the second quarter of 2023, their revenues increased to about $9 million. The company registered an increase in income from product royalties. The increase in product royalties for Soundhound AI was due to more cars using their technology and a small rise in unit prices. Additionally, the number of their IoT cloud units increased both compared to the previous period and when compared to the same time last year.
Last 4 Quarterly Earnings
| (USD) | June 2023 | Mar 2023 | Dec 2022 | Sep 2022 |
| Revenue | 8.8M | 6.71M | 9.5M | 11.19M |
| Net income | -21.9 | -26.37M | -30.68M | -28.92M |
| Diluted EPS | -0.10 | – | -0.15 | – |
| Net profit margin | -250.62% | -393.16% | -322.91% | -258.56% |
| Operating income | -16.3M | -21.45M | -28.75M | -27.01M |
| Net change in cash | 83M | 37.09M | -24.17M | -31.6M |
| Cost of revenue | 1.83M | 1.98M | 2.76M | 2.58M |
Will Soundhound stock reach $100, or $1000?
Soundhound is a voice intelligence platform. With the entry of ChatGPT, the entire AI space is undergoing a revolution. In November 2022, Soundhound released its voice AI technology called Dynamic Interaction.
With the release of the Dynamic Interaction platform, Soundhound is hoping to turn profitable.
Soundhound’s customer base includes global companies like Hyundai, Qualcomm, and Netflix. In terms of bookings, Soundhound now has a backlog of more than $300 million.
Soundhound will have to rise 23 times from the current price to reach $100.
Read: Will Affirm Stock Reach $100?
Will Soundhound stock reach $100? Calculation
Soundhound stock price is currently less than $10, however, the analysts are very much optimistic about the stock. With the growing acceptance of AI, Soundhound is expected to play an important role in AI-based Natural Language Processing. The stocks could reach greater heights in the future. Here is how and when Soundhound stock price could reach $100:
- If Soundhound stock gains 20% a year from now, then in the next 18 years, Soundhound stock will be valued at $100.
- In case Soundhound rises 30% annually from here, then by 2036, Soundhound stock will reach $100.
Will Soundhoud Stock Reach $1000? Calculation
In the last 1 month, Soundhound stock is up nearly 200%. However, it is unlikely for the stock to rise 200% continuously. Therefore, in order to test when Soundhoud stock could reach $1000, we take the stock price to increase 50% and 75% a year from here.
- If Soundhound gains 50% a year from here, then by 2037, Soundhound will be valued at $1000.
- With a 75% increase a year, in the next 10 years, Soundhound will reach $1000.
Conclusion: Will Soundhoud Stock Reach $100 or $1000?
The growth of any stock is subject to the growth of the industry that it is related to. As for Tesla stock, the more the EV industry grows higher the value of Tesla stock.
The same is true for Soundhound. With the growth of the AI industry and the increasing demand for AI-based voice translation, Soundhound stock will rise accordingly. Therefore, the possibility of Soundhound stock price reaching greater heights is higher now.
Note: Crowdwisdom360 collates Predictions and data from all over the net and has no in-house view on the likely trends in the Stocks or Crypto Coins. Please consult a registered investment advisor to guide you on your financial decisions.