Posted 12/29/2023, 10:14:36 AM
SoundHound AI Stock Plunges Over 80% As Growth Slows, Losses Mount But Company Forecasts Eventual Profitability
- Revenue grew 47% in 2022 but slowed from pre-merger forecasts due to macro headwinds
- Stock price plunged from a high of $14.98 to around $2 currently
- Forecasts call for 50-51% revenue growth in 2023 and 2024
- Company is streamlining costs and expects positive adjusted EBITDA in Q4
- Concerns remain about customer concentration, losses, debt load, and insider selling