SoundHound (SOUN) Nosedives on Profit-Taking as Price Up 69% Month-to-Date

We recently published 10 Stocks Hammered Harder Than Wall Street. SoundHound AI, Inc. (NASDAQ:SOUN) is one of Tuesday’s worst performers.

SoundHound AI extended its losing streak to a third consecutive day on Tuesday, shedding 10.26 percent to close at $13.30 apiece as investors appeared to have taken profits amid the past few weeks’ surge that has already seen the company grow as much as 69 percent month-to-date.

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From its closing price of $10.11 last August 1, share prices of SoundHound AI, Inc. (NASDAQ:SOUN) have already gone up to $17.08, with the recent selling sparking a sell-off to cash in on gains.

The recent rally can be attributed to the company’s strong revenue performance in the second quarter of the year, with revenues expanding by 217 percent to $42.68 million from only $13.46 million in the same period last year.

Despite the figures, SoundHound AI, Inc. (NASDAQ:SOUN) remained at a GAAP net loss of $74.7 million, double the $37.3 million registered in the same period a year earlier.

Following the strong revenue performance, SoundHound AI, Inc. (NASDAQ:SOUN) raised its full-year revenue outlook to a range of $160 million to $178 million, versus the $157 million to $177 million expected previously.