Sonos shares tumble 10%; Q2 results beat expectations By Investing.com

SANTA BARBARA, Calif. – Sonos, Inc. (NASDAQ:) reported its second-quarter with revenues slightly surpassing expectations. However, the audio products manufacturer experienced a 10.9% decline in share value following the earnings release.

For the quarter, Sonos posted an adjusted EPS loss of -$0.34, which was more favorable than analysts’ estimates of -$0.42 per share. Revenue for the quarter was $252.7 million, edging out the consensus estimate of $250.84 million by a narrow margin.

The company’s revenue represents a decrease when compared to the same quarter last year, which reported $304.17 million, marking a YoY decline.

Sonos CEO Patrick Spence attributed the company’s ability to exceed its own expectations for the quarter to “the hard work of our team and the strength of our brand and product portfolio,” despite what he acknowledged as a challenging environment.

Looking ahead, Sonos provided guidance for fiscal year 2024 with expected revenue ranging from $1.6 billion to $1.7 billion. This projection aligns closely with analysts’ consensus forecast of $1.65 billion for the full year.

The guidance suggests that Sonos is maintaining a cautious outlook for its future performance amidst an uncertain economic landscape.

In their statements, both CEO Patrick Spence and CFO Saori Casey expressed confidence in delivering on their Fiscal 2024 guidance and emphasized their commitment to execution and positioning for future growth.

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