Stock Track | SoundHound AI Inc (SOUN) Plummets 5.19% Amid Profitability Concerns Despite Strong Revenue Growth

Stock Track11-18

SoundHound AI Inc (SOUN) stock plummeted 5.19% in pre-market trading on Monday, as investors remained cautious about the company's ability to achieve profitability despite strong revenue growth.

The artificial intelligence (AI) company, which provides an AI-powered voice platform that can understand human speech in 25 languages, saw its revenue soar 89% year-over-year in the third quarter of 2024 to $25.1 million. However, SoundHound AI reported a net loss of $21.8 million in the same period, highlighting the challenges it faces in turning its rapid growth into sustainable profits.

While SoundHound AI has been actively expanding its business through acquisitions, such as SYNQ3 and Amelia earlier this year, the company's stock remains highly volatile. With a beta of around three, SoundHound AI's shares add significant volatility and risk to investment portfolios, potentially contributing to the pre-market plummet on Monday.

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