Report on the financial results of the annual income of the company Sonos (SONO) for 1 2024

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

David Paul Morris | Bloomberg | Getty Images

Sonos Shares rose more than 12% in extended trading on Tuesday after the company spokeswoman reported first-quarter fiscal 2024 sales and earnings that topped Wall Street expectations.

Here’s how Sonos fared against consensus expectations from LSEG, formerly Refinitiv:

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

Sales fell 9% from the same period last year. Sonos said it expects to report about $1.65 billion in sales in 2024, unchanged from its previous forecast. The company indicated that it expects its gross margin to increase during the year due to lower component costs, a better product mix and less need to buy parts quickly.

Sonos reported $80.9 million in net income, or 64 cents per share, versus $75.2 million, or 57 cents per share, last year.

Sonos makes smart speakers and home consumer electronics, a business that has been in decline in recent years as spending increases from the Covid-19 pandemic decline.

Sonos said it was gaining market share. Among its competitors are Apple, Google, Amazon, Bose and other speakers.

“Despite the challenging environment, we are winning in the market and outperforming the competition,” Sonos CEO Patrick Spence said in a statement.

Spence teased a new product launch in the coming months. Analysts expect the company to introduce new headphones.

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