Keyvan Mohajer, chief executive of SoundHound AI Inc. (NASDAQ: SOUN), wants his company to appear in “all enterprise brands”.
He believes that the artificial intelligence-enabled speech recognition company is poised to grow rapidly as it continues to expand beyond automotive into retail, healthcare and finance, insurance and even government.
According to the CEO, SOUN is already the “AI leader for restaurants”.
SoundHound’s stock price is up another 18% as investors continue their cheering for its Amela AI Agents who have handled over 100,000 customer calls in 2024 for Apivia.
This year, the French wholesaler was able to increase productivity by 20% using SOUN’s conversational agents.
SoundHound is the best API for big-tech companies
Keyvan Mohajer, CEO of Keyvan Mohajer, sees AI gents as the “biggest opportunity for generative artificial intelligent in the near term.”
He is confident about the future of his company, as it is one of the few that has in-house speech technology.
In a recent Yahoo Finance interview, the chief executive revealed that SOUN’s technology is faster and more accurate than big-tech APIs.
Wall Street analysts have a similar optimism, as shown by their “overweight” consensus rating for SoundHound stock.
Mohajer believes artificial intelligence will be a net plus – it will increase employment as humans will still be in control, he said.
“We used work in farms, then machines came and we now drive these machines. AI is the machine of today. “People will pilot AI to do good.”
SOUN improves margins going forward
SoundHound’s latest reported quarter was above Street expectations despite a slight decline in margins.
The company’s CEO, speaking with Yahoo Finance, attributed the recent margin weakness to recent acquisitions. “They have their own clouds; we have ours,” he said. They use third-party AI models and we have our own AI model. “There are some duplicate costs.”
He’s convinced that such costs will be eliminated and margins will increase over time.
SOUN’s per-share loss was reduced to 4 cents, as revenue increased 89% year-over-year to $25.1 millions in Q3.
The AI-powered voice recognition company is expecting to be profitable by 2025.
SoundHound also reduced its reliance on one segment and one customer in the quarter that just ended.
Only 25% of its sales came from automotive, compared to 90% last year.
The largest customer of the company contributed only 12% to Q3 compared to 72% for the same quarter in 2023.
Wedbush Securities analysts see SoundHound stock rising to $10, which is about a 10% increase on top of the 100% gain over the last two months.
This post SoundHound’s CEO wants SOUN in ‘all enterprise brands’ could be updated as new information becomes available
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