Cerence Inc. (CRNC) is a leading international mobility world’s moving experiences developer for its consumers. The company is engaged in the production of connected cars, autonomous driving solutions, and EVs. The company utilizes powerful interaction between humans and their cars to connect the customer’s online lives to daily traveling.
The price of CRNC stock during the early trading on February 7, 2022, was last checked to be $44.1 with a 30.5% decline.
CRNC: Key Financials
On February 7, 2022, CRNC released its financial results for the first fiscal quarter of 2022 ended December 31, 2021. Some of the key points are as follows.
Revenue
Total revenues in Q1 2022 were recorded to be $94.4 million compared to $93.6 million in the same quarter of 2021. The company observed a $0.78 million increase in revenue over the period of the year. The company missed the estimated revenue which was $95.1 million.
EPS
Diluted net income per share in Q1 2022 was reported to be $19 million, or $0.47 compared to $20.9 million or $0.53 in the same quarter of 2021. The company missed the estimated EPS which was $0.51.
CRNC: Events and Happenings
On January 19, 2022, CRNC updated about its Executive’s participation at the Baird 2022 Vehicle Technology & Mobility Conference on January 25, 2022. On January 10, 2022, CRNC was informed about the deployment of its conversational AI in NIO’s ES8 full-size SUV. On January 07, 2022, CRNC and VinFast co-reported that the company’s Cloud-Connected Vehicle Digital Twin program was utilized in VinFast’s automobiles.
On January 06, 2022, CRNC informed that its Executive management participated in the Virtual 24th Annual Needham Growth Conference on January 11, 2022. On January 03, 2022, CRNC reported that its Co-Pilot portfolio had been nominated as an honoree for CES 2022 Innovation Award. On December 23, 2021, CRNC updated about signing the biggest agreement in its history worth $149 million. The company signed a deal with a European automaker and will provide its AI automotive assistant products to the company.
Conclusion
CRNC’s stock is down performing in the past six months period by 64%. The company also sink in today’s early trading likely due to the multiple SEC filings of Form 8-K. The company also missed the estimated revenue and EPS target in its first fiscal quarter 2022 report. The company’s Executive management is quite optimistic about the current financial figures.
