SoundHound Stock Soars on AI Growth Potential Despite Risks
-
SoundHound provides AI solutions for voice, working with companies like White Castle to implement ordering systems. Analysts think the stock could double in the next year.
-
SoundHound recently acquired SYNQ3, which has partnerships with several restaurant chains, further expanding SoundHound's reach in the restaurant industry.
-
SoundHound's revenue grew 52% year-over-year in Q3 2022 to $13.3 million, but it still posts operating losses and burns through cash.
-
SoundHound has strong bookings of $342 million, showing contractual revenue growth potential, but it only has about 1 year of cash left at current burn rates.
-
The stock is risky if invested heavily in, but could transform into a notable position if SoundHound grows into a sizable business.