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Benzinga
Benzinga
Business
Anusuya Lahiri

SoundHound Inks Long-Term Partnership With Hyundai

  • SoundHound AI, Inc (NASDAQ:SOUN) forged a 7-year deal with Hyundai Motor Co, Ltd (OTC:HYMTF).
  • The collaboration looks to include SoundHound's Edge+Cloud voice AI technology, music recognition software, voice commerce solution, and multiple-language conversational intelligence in a broad range of vehicle models globally. 
  • This partnership coincides with SoundHound's 2022 Q1 earnings release, featuring $230 million in cumulative bookings, up 134% year-on-year.
  • SoundHound reported revenues of $4.3 million, up 15% Y/Y.
  • SoundHound forged multiple new and expanded customer partnerships, including with Hyundai, Netflix, Inc (NASDAQ:NFLX), QUALCOMM Inc (NASDAQ:QCOM), Snap Inc (NYSE:SNAP), and VIZIO Holding Corp (NYSE:VZIO).
  • "Our first-quarter results demonstrate the momentum we are experiencing with our customers and the continued voice AI market expansion and acceptance," CFO Nitesh Sharan said.
  • SoundHound sees FY22 revenue of $27 million - $33 million versus a consensus of $30 million.
  • Price Action: SOUN shares traded higher by 2.13% at $6.23 on the last check Tuesday.
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