SoundHound Shares Up on Hyundai Deal
17 Mai 2022 - 5:31PM
Dow Jones News
By Dean Seal
Shares of SoundHound AI Inc. rose 5.74% to $6.45 in early
trading after the artificial intelligence-focused company said it
signed a seven-year deal with Hyundai.
The deal will see SoundHound's voice AI technology, music
recognition software and voice commerce solutions integrated into a
broad range of Hyundai vehicle models.
"The size and scope of this agreement will allow Hyundai to
bring the power of voice AI to drivers in every class of vehicle in
markets around the globe," Keyvan Mohajer, SoundHound's CEO, said
in a statement.
News of the deal comes just after SoundHound reported a 15%
increase in quarterly revenue to $4.3 million, and said its
cumulative bookings backlog has swelled 134% to $230 million. The
Wilmington, Del.-based company's loss widened for first quarter to
$25.1 million, or $2 a share, compared with a loss of $19.3
million, or $1.62 a share, in the same quarter a year ago.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
May 17, 2022 11:16 ET (15:16 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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