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.

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.

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