SoundHound AI Bets on the Restaurant Industry -- Is the Stock a Buy Before the End of 2023?
After a disastrous performance following its early 2022 IPO-via-SPAC, SoundHound AI (NASDAQ: SOUN) continues its pursuit of revenue-generating products and solutions. Its latest move is the acquisition of a "voice AI for restaurants" start-up called SYNQ3 Restaurant Solutions. What in the world is voice AI for restaurants? And is SoundHound stock a buy for 2024 as its rally this past year keeps picking up steam?
SoundHound of course is best known for its voice-based assistant, often used to find the name of a song and artist playing (at least that's the extent I've used it for). But SoundHound has been in pursuit of more robust revenue-generating uses for its AI-powered voice assistants. There's obviously a world of ways an AI-based product (including new generative AI) like this one could make money. SoundHound just needs to sniff them out.
The company has been building some momentum, generating $13.3 million in sales in Q3 2023, up 19% year over year and up 52% from the prior quarter. Nevertheless, SoundHound only counts a few customers for most of its revenue, likely from a handful of automakers (in-cabin voice assistants for infotainment systems) and an integration with 's Snapdragon processors.
Source Fool.com
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