SANTA BARBARA, Calif. – Sonos, Inc. (NASDAQ:) reported second-quarter earnings that were slightly better than expected. However, the audio products maker’s stock price fell 10.9% following the earnings report.
For the quarter, Sonos reported an adjusted loss per share of -$0.34, which was more favorable than analyst estimates of -$0.42 per share. Revenue for the quarter was $252.7 million, narrowly beating the consensus estimate of $250.84 million.
The company’s revenue represents a decline from the same quarter last year, which reported $304.17 million, marking a year-over-year decline.
Sonos CEO Patrick Spence attributed the company’s ability to beat its own expectations in the quarter to “the hard work of our team and the strength of our brand and product portfolio” despite what he called a challenging environment.
Looking ahead, Sonos provided fiscal 2024 guidance with expected revenue of $1.6 billion to $1.7 billion. This forecast closely aligns with analyst consensus estimates of $1.65 billion for the full year.
Management expects Sonos to remain cautious about its future results amid the uncertain economic environment.
In their statements, 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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