SoundHound AI stretches gains after Q2 rev beat, 2024 forecast boost
** Shares of SoundHound AI SOUN.O up 4.2% to $5.43 in extended trading after co posts Q2 rev beat and raises FY rev forecast
** SOUN shares closed up 21.2% at $5.21 in regular session
** Artificial intelligence voice provider reports rev increased 54% yr/yr to $13.5 mln, above LSEG estimate of $13.1 mln
** Co says given incorporating announced acquisition of Amelia it now expects 2024 rev to exceed $80 mln, compared to most recent guidance in May of $65-$77 mln
** Before the bell Thurs, SOUN said it would buy AI software firm Amelia for $80 mln in cash and stock
** The $1.7-bln co SOUN, which counts AI chip darling Nvidia NVDA.O as an investor, has seen its shares hit 2024 peak of $10.25 in Mar
** Stock ended 2023 at $2.12
** 5 of 7 analysts covering SOUN rate stock "strong buy" or "buy", rest have "hold" with $7 median PT
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
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