SoundHound AI (SOUN) shares nosedived after the company, backed by chip giant Nvidia (NVDA), reported quarterly results that beat analysts’ estimates but showed declining margins. SoundHound AI Co-Founder and CEO Keyvan Mohajer joins Market Domination hosts Julie Hyman and Josh Lipton to discuss the company’s products — which offer its AI-powered voice platform to enterprise customers — earnings results, and growing customer base. Mohajer tells Yahoo Finance that the company “had a great quarter,” passing the $25 million revenue mark for the first time and delivering a beat and raise. SoundHound narrowed its expected losses for the quarter to $0.04 per share. He says that SoundHound AI’s gross margin was affected by “short-term temporary impacts” like acquisition costs that “should improve over time.” The CEO says customers from different industries are using its tech: “We spent more than ten years just in R&D [research and development] to build our own AI models and voice recognition in dozens of languages. And then we started monetizing it. First, we were very big in automotive, and then we went to AI customer service, and our vision was always to diversify.” He adds that is expanding beyond just the autos and restaurant industries, with the goal of being in “all the enterprise brands.” This includes ventures into spaces like healthcare, insurance, financials, governments, and retail. “Some of that has been organic growth, and some of it has been through our acquisitions,” Mohajer says. While some executives, like IBM (IBM) CEO Arvind Krishna, say that AI is poised to replace human workers, Mohajer argues “there’s going to be a disruption, but I think it’s going to be net positive,” explaining that while some jobs may be replaced, others will be created as AI integration boosts productivity.
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