Soundhound is taking off. The stock has risen by a whopping 350% year to date at the time of writing and is poised to continue climbing up. The stock has also risen by 90% in the last two months due to increasing investor confidence about Soundhound’s ability to tackle the audio-based AI market.
Soundhound has shown strong revenue growth over consecutive quarters. Q3 revenues soared by around 90% to a staggering $25 million as the company acquired clients from new industries; notably healthcare and finance. Soundhound’s most significant move was the $80 million acqusition of Amelia, giving Soundhound access to new clients such as Fujitsu and BNP Paribas.
Soundhound boasts $137 million in cash reserves, allowing it to burn through cash for its operations without the need for outside captial for another few quarters. The stock is a long-term winner, and investors should wait for a price pull-back before investing into the company.
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