Why SoundHound AI Stock Is Down Today
Shares of SoundHound AI (NASDAQ: SOUN) traded much lower on Wednesday, following a robust third-quarter earnings report. The artificial intelligence (AI) expert beat the Street's expectations across the board, but the stock was still down by 19.1% at noon ET. The earnings surprise wasn't big enough to support an artificial price increase based on social media posts and classic meme-stock price-pumping action.
Your average Wall Street analyst firm had expected SoundHound AI to report a net loss of $0.07 per share on top-line revenues near $23 million.
The company easily cleared both hurdles. Sales jumped 89% year over year to $25.1 million, while adjusted net losses shrank from $0.09 to $0.04 per share.
Source Fool.com
