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SoundHound AI, Inc. Reports First Quarter 2022 Financial Results
SANTA CLARA, Calif.--(BUSINESS WIRE)-- SoundHound AI, Inc. (Nasdaq: SOUN) (“SoundHound,” “we,” or “our”), a global leader in voice artificial intelligence
About this update from Soundhound Ai, Inc.
[{"type":"text","content":" SANTA CLARA, Calif.--(BUSINESS WIRE)--\nSoundHound AI, Inc. (Nasdaq: SOUN) (“SoundHound,” “we,” or “our”), a global leader in voice artificial intelligence (“voice AI”), today reported the financial results of SoundHound, Inc. (“Legacy SoundHound”), at and for the three months ended March 31, 2022. The financial statements reflect the operations of Legacy SoundHound prior to it becoming a wholly-owned subsidiary of SoundHound, as a result of the business combination with Archimedes, which closed on April 26, 2022. In connection with the business combination, the Company changed its name to SoundHound AI, Inc. The Company also published a Letter to Shareholders today which details SoundHound’s technology moat, revenue models, commercial alliances, opportunities and near-term goals which can be accessed on its investor website at investors.soundhound.com.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220516005687/en/SoundHound AI, Inc. Reports First Quarter 2022 Financial Results (Graphic: Business Wire)\n“SoundHound’s momentum in 2021 continued in the first quarter of 2022, with key business wins and tremendous growth in user engagement,” stated Keyvan Mohajer, CEO and Co-Founder of SoundHound. “Our deep history of technological breakthroughs and competitive differentiators are rapidly enabling our mission to voice-enable the world, and our $230 million of cumulative bookings backlog highlight the confidence and commitment our customers have working with us to build the future together.”\n\nFirst Quarter Business Highlights\n\n\nReported revenues were $4.3 million, up 15% compared to prior year\n\n\nCumulative bookings were $230 million, up 134% over prior year\n\n\nUser queries in first quarter grew +90% versus prior year\n\n\nAnnounced several new and expanded customer partnerships, including with Hyundai, Netflix, Qualcomm, Snap, and VIZIO\n\n\nChief Revenue Officer, Zubin Irani, joined the team and began accelerating growth through investments in sales and marketing\n\n\n“Our first quarter results demonstrate the momentum we are experiencing with our customers and the continued voice AI market expansion and acceptance,” said Nitesh Sharan, Chief Financial Officer, SoundHound. “We are accelerating growth through sales and marketing investments to expand into new ...