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This statistic highlights Cerence Inc’s Number of Transactions, reported on a quarterly basis from Q1 2019 onwards.
Cerence Inc is in the business of creating AI-powered virtual assistants for the mobility and transportation industries. To date, their solutions have been installed in over 400 million vehicles, with over 40 million new vehicles sold in the fiscal year 2021 alone. During the fiscal year that ended September 30, 2021, Cerence hybrid solutions were installed on approximately 8.9 million vehicles. The company’s solutions are used by over 65 car brands around the world.
A transaction is an occurrence in which two or more parties exchange goods, money, or services. Such transactions may be simple ones like a cash purchases or a complex ones like a multi-year service contracts. The transaction can be between two parties who are engaged in business and conducting it for mutual benefit, or between a business entity and a customer, such as a retail shop.
When determining whether a transaction is commercial or not, we need to consider whether that action can be recorded in an accounting record. For example, if a person giving a speech is paid for the same, it’s obvious that the payment must be recorded somewhere – either as additional income in the CEO’s personal tax records or as a taxable payment to the corporation. On the other hand, if the event cannot be easily recorded in accounting records, it is almost certainly not a commercial transaction.
|Period||Q1 2019||Q2 2019||Q3 2019||Q4 2019||Q1 2020||Q2 2020||Q3 2020||Q4 2020||Q1 2021||Q2 2021|
|No. of transactions||10.3||12.9||18.1||14.6||14.9||21.0||23.3||25.5||18.8||20.3|
(All figures in millions)
The number of transactions of Cerence Inc grew by 97% from 10.3 million in Q1 2019 to 20.3 million in Q2 2021. However, the pattern of growth was extremely fluctuating in nature. The number of transactions displayed an upward trend from Q1 2019 to Q3 2019. This trend ended with 18.1 million transactions in Q3 2019. This was followed by a dip of 19.3% as the number of transactions was recorded at 14.6 million in Q4 2019.
In the next quarter, it grew by merely 2%. This was followed by an exponential growth of 40.9% as the number of transactions was recorded to be 21 million in Q2 2020. This upward pattern continued till Q4 2020, when the number of transactions recorded was 25.5 million. Then it dropped by 26.3% to 18.8 million in Q1 2021. The number of transactions once again increased by 8% and was recorded to be 20.3 million in Q2 2021.
In a long-term perspective, we can say that the company’s number of transactions have increased by almost twice between 2019 and 2021. However, this growth was marked by various ups and downs.
Cerence Inc is a leading provider of artificial intelligence-powered assistants and innovations for connected and autonomous vehicles. Their primary offering is a software platform that allows customers to create virtual assistants that can communicate, find information, and take action in a growing number of categories, including navigation, control, media, communication, information, and tools. The software, which was developed in close collaboration with the automotive industry, aids drivers and passengers worldwide in improving their mobility. Its mission is to provide the transportation ecosystem with digital platform solutions for connected and autonomous vehicles.
Their primary market is automobiles, but their solutions are applicable to all modes of transportation. Their solutions are delivered on a white-label basis, allowing their customers to deliver customised virtual assistants with distinct, branded personalities, thereby strengthening the bond between their brands and their end-users. The company’s goal is to make everyone’s journey more pleasurable and safer.
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