Patrick Spence, president and chief govt officer of Sonos Inc., speaks throughout a Bloomberg Expertise Tv interview in San Francisco, California, U.S., on Monday, Feb. 11, 2019.
David Paul Morris | Bloomberg | Getty Photos
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 Road expectations.
This is how Sonos did versus consensus expectations from LSEG, previously Refinitiv:
- Income: $613 million vs. $587 million anticipated.
- EPS: $0.64 per share vs. $0.40 per share anticipated.
Gross sales fell 9% from the identical interval final 12 months. Sonos mentioned it anticipated to report about $1.65 billion in gross sales in 2024, unchanged from its earlier forecast. The corporate signaled that it expects its gross margin to extend in the course of the 12 months due to decrease element prices, higher product combine, and fewer must buy elements shortly.
Sonos reported $80.9 million in web revenue, or $0.64 per share, versus $75.2 million, or $0.57 per share, final 12 months.
Sonos makes sensible audio system and different dwelling client electronics, an trade that has been shrinking lately as a spending growth from the pandemic recedes.
Sonos mentioned that it was gaining market share. Its rivals embody Apple, Google, Amazon, Bose, and different speaker makers.
“Regardless of the difficult surroundings, we’re successful out there and outperforming the competitors,” Sonos CEO Patrick Spence mentioned in an announcement.
Spence teased a brand new product launch within the coming months. Analysts anticipate the corporate to introduce new headphones.
