Why SoundHound AI Stock Is Plummeting Today
SoundHound AI (NASDAQ: SOUN) stock is getting crushed in Friday's trading. The company's share price was down 18.1% as of 1:15 p.m. ET, according to data from S&P Global Market Intelligence.
SoundHound published its fourth-quarter earnings results after the market closed yesterday, reporting sales and earnings for the period that fell short of market expectations. The technology specialist reported a loss of $0.07 per share on revenue of $17.15 million, while the average analyst estimate had called for the business to record a per-share loss of $0.06 on sales of $17.21 million.
SoundHound AI has been one of the market's most explosive stocks in 2024. Even with today's post-earnings pullback, the company's share price is still up roughly 189% year to date. The business actually showed strong momentum in Q4, but the results couldn't sustain the artificial intelligence (AI) stock's incredible valuation run-up.
Source Fool.com
