SoundHound AI, Inc. (NASDAQ:SOUN) shares are trading higher Friday after the company reported better-than-expected second quarter financial results and raised its fiscal year 2025 sales guidance above estimates on Thursday after the market closed.
What To Know: SoundHound reported an adjusted loss of 3 cents per share, beating the consensus estimate of a 9 cent-loss. In addition, the company posted sales of $42.68 million, beating the consensus estimate of $32.88 million and representing a 217% year-over-year increase.
The company also reported a non-GAAP gross margin of 58.4%, a non-GAAP net loss of $11.9 million and an adjusted EBITDA loss of $14.3 million.
“Q2 was a strong quarter where our underlying momentum manifested in financial results, and our earlier investments began showing outsized returns,” said Nitesh Sharan, CFO of SoundHound.
FY25 Outlook: SoundHound raised its sales guidance from between $157.00 million and $177.00 million to between $160.00 million and $178.00 million, versus the consensus estimate of $159.54.
See Also: Microchip Technology Analysts Increase Their Forecasts After Better-Than-Expected Q1 Results
SOUN Price Action: At the time of writing, SoundHound shares are trading 80.6% higher at $13.79 , according to data from Benzinga Pro.
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