Sonos shares rise 12% on earnings and revenue beat

Sonos shares rise 12% on earnings and revenue beat

Patrick Spence, president and CEO of Sonos, speaks throughout a Bloomberg Technology Television interview in San Francisco on Feb. 11, 2019.

David Paul Morris | Bloomberg | Getty Images

Sonos shares rose over 12% in prolonged buying and selling Tuesday after the speaker firm reported fiscal 2024 first-quarter gross sales and earnings that exceeded Wall Street expectations.

Here’s how Sonos did versus consensus expectations from LSEG, previously Refinitiv:

  • Earnings per share: 64 cents vs. 40 cents anticipated
  • Revenue: $613 million vs. $587 million anticipated

Sales fell 9% from the identical interval final yr. Sonos mentioned it anticipated to report about $1.65 billion in gross sales in 2024, unchanged from its earlier forecast. The firm signaled that it expects its gross margin to extend in the course of the yr due to decrease part prices, higher product combine and much less must buy elements shortly.

Sonos reported $80.9 million in internet revenue, or 64 cents per share, versus $75.2 million, or 57 cents per share, final yr.

Sonos makes good audio system and different house shopper electronics, an trade that has been shrinking in recent times as a spending increase from the Covid-19 pandemic recedes.

Sonos mentioned it was gaining market share. Its rivals embrace Apple, Google, Amazon, Bose and different speaker makers.

“Despite the difficult surroundings, we’re successful out there and outperforming the competitors,” Sonos CEO Patrick Spence mentioned in a press release.

Spence teased a brand new product launch within the coming months. Analysts anticipate the corporate to introduce new headphones.

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