- Wednesday, October 16, 2024
Shares of Sonos experienced an increase after the company's profit rose in the fiscal first quarter, despite a decline in sales. The stock saw a 13% surge to $18.60 during after-hours trading, following a 4% rise at Tuesday's close. Over the past three months, shares have risen over 52%.
Sonos, based in Santa Barbara, Calif., specializes in manufacturing wireless speakers. In the three months ended Dec. 30, the company reported a profit of $80.9 million, or 64 cents per share, compared with $75.2 million, or 57 cents per share, during the same period a year earlier. Analysts polled by FactSet had expected a per-share profit of 42 cents.
Although the company's revenue fell by 8.9% to $612.9 million, it surpassed the analysts' forecast of $589.1 million, according to FactSet.
When excluding certain one-time items, Sonos posted a profit of 84 cents per share, surpassing the analysts' forecast of 58 cents.
Sonos has affirmed its previous outlook for fiscal 2024, stating that sales are expected to be down 3% to up 3%.
Chief Executive Patrick Spence mentioned that the company is just months away from announcing a "highly anticipated new product in a multi-billion dollar category."
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