SoundHound AI (SOUN) Climbs 13.9% After Record Low

SoundHound AI (NASDAQ:SOUN) is one of the 10 Stocks Dominating Today’s Market Surge.

SoundHound AI rallied for a second day on Tuesday, jumping 13.93 percent to close at $6.87 apiece, as investors resorted to bargain-hunting following the previous day’s fall to a record low.

On the previous day, SoundHound AI (NASDAQ:SOUN) fell to a 52-week low of $5.83. However, Tuesday’s rally was supported by the wider market optimism, with Wall Street’s three main indices clocking 2 to 3 percent gains over renewed hopes for the end of the war in the Middle East.

In other news, SoundHound AI (NASDAQ:SOUN) is set to welcome on Friday, April 3, its co-founder, James Hom, as the new interim chief finance officer (CFO) following the official resignation of Nitesh Sharan to assume a new leadership role in another quantum computing company.

Sharan, however, will remain as an advisor to support the transition.

SoundHound AI (SOUN) Climbs 13.9% After Record LowSoundHound AI (SOUN) Climbs 13.9% After Record Low

Search has begun for a permanent CFO with the assistance of an executive search firm.

Last year, the listed quantum computing firm narrowed its GAAP net loss by 96 percent to $14 million from $350.68 million last year. Revenues jumped by 99 percent to $168.92 million from $84.69 million a year earlier.

In the fourth quarter alone, it swung to a GAAP net income of $40 million from a $258.6 million net loss in the same quarter a year earlier, while revenues increased by 59 percent to $55 million from $34.5 million.

While we acknowledge the risk and potential of SOUN as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than SOUN and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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