SoundHound AI Inc SOUND Shares are volatile in extended trading on Tuesday after the company reported fourth-quarter financial results and issued solid guidelines.

Q4 Results: SoundHound said fourth-quarter revenue rose 84% year over year to $9.5 million, which outperformed estimates of $8.84 million Gasoline Pro. The company reported a quarterly loss of 15 cents per share, beating estimates for a loss of 17 cents per share.

Gross margin was 71%. According to SoundHound, the company has an accumulated order backlog of $332 million at the end of 2022.

“Conversational AI is at an inflection point and our proprietary dynamic interaction and generative AI solutions are perfectly positioned. From electricity to telecommunications to internet search, each generation has created a new fundamental capability to better serve society, and AI will catalyze that next horizon. ” called Keyvan MohajerCo-founder and CEO of SoundHound AI.

The company also announced the upcoming launch of a chat AI service that combines the power of software engineering and machine learning with generative AI.

SoundHound anticipated Revenue growth of 50% in 2023 given the “strong business momentum” the company sees for its speech AI products and services. SoundHound expects revenue of between $43 million and $50 million in 2023 versus estimates of $46.05 million. The company expects to achieve positive Adjusted EBITDA in the fourth quarter of 2023.

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SOUN Price Promotion: SoundHound has a 52-week high of $18.14 and a 52-week low of 93 cents.

The stock is down 6.01% to $3.13 at the time of publication Gasoline Pro.

Photo: Luke from Pixabay.