Posted 3/5/2024, 6:29:29 PM
SoundHound AI Stock Down 12% As Broader AI Selloff Continues After Disappointing Earnings
- SoundHound AI stock is down 11.9% today amid a broader pullback in AI stocks
- The decline is tied to news that AMD may face export restrictions selling processors in China
- SoundHound reported disappointing Q4 results last quarter, missing on revenue and EPS
- The company forecasts 52.5% revenue growth this year to $63-$77 million
- SoundHound stock trades at a high valuation of 22x expected revenue this year