11:54 AM EST, 11/13/2024 (MT Newswires) -- SoundHound AI ( SOUN ) shares were down more than 19% in recent Wednesday trading after the company reported its Q3 financial results and Ladenburg Thalmann downgraded its rating on the stock.

Late Tuesday, the company reported a Q3 non-GAAP net loss of $0.04 per share, narrowing from the loss of $0.06 a year earlier.

Four analysts polled by Capital IQ expected a loss of $0.07.

Revenue for the three months ended Sept. 30 rose to $25.1 million from $13.3 million a year earlier.

Analysts surveyed by Capital IQ expected $23 million.

The company said it now expects revenue of $82 million to $85 million in 2024 and $155 million to $175 million in 2025. In August, SoundHound projected 2024 revenue to exceed $80 million and 2025 revenue to exceed $150 million.

Analysts polled by Capital IQ expect revenue of $83.6 million in 2024 and $159.3 million in 2025.

Ladenburg Thalmann downgraded its rating on the SoundHound stock to neutral from buy, with a $7 price target.

Price: 6.09, Change: -1.47, Percent Change: -19.47