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SoundHound AI outlines 2023 profitability plan with cost cuts and SaaS focus

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SoundHound AI plans to accelerate profitability by increasing emphasis on its SoundHound for Restaurants SaaS product and leveraging a bookings backlog of more than $300M. Management expects operating costs to fall about 40% while enabling revenue growth over 50% in 2023. The plan is tied to restructuring and a reduced workforce, and involves uncertainty around converting backlog into revenue.

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