Sonos (SONO) earnings report Q1 2024
Patrick Spence, president and chief executive officer of Sonos Inc., speaks during a Bloomberg Technology Television interview in San Francisco, California, U.S., on Monday, Feb. 11, 2019.
David Paul Morris | Bloomberg | Getty Images
Sonos shares rose over 12% in extended trading on Tuesday after the speaker company reported first-quarter fiscal 2024 sales and earnings that exceeded Wall Street expectations.
Here’s how Sonos did versus LSEG, formerly Refinitiv, consensus expectations:
- Revenue: $613 million vs. $587 million expected.
- EPS: $0.64 per share vs. $0.40 per share expected.
Sales fell 9% from the same period last year. Sonos said it expected to report about $1.65 billion in sales in 2024, unchanged from its previous forecast.
Sonos reported $80.9 million in net income, or $0.64 per share, versus $75.2 million, or $0.57 per share, last year.
Sonos makes smart speakers and other home consumer electronics, an industry that has been shrinking in recent years as a spending boom from the pandemic recedes.
Sonos said that it was gaining market share. Its competitors include Apple, Google, Amazon, Bose, and other speaker makers.
“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.
