Published on 9 May 2024 on Zacks via Yahoo Finance
Sonos (SONO) Swings to Loss in Q2, Revenues Decline Y/Y
Sonos, Inc. SONO reported second-quarter fiscal 2024 non-GAAP loss per share of 34 cents. It had registered earnings per share of 4 cents in the prior-year quarter. On a GAAP basis, the company reported a loss of 56 cents compared with a loss of 24 cents in the year-ago quarter. The Zacks Consensus Estimate was pegged at a loss of 27 cents.Quarterly revenues decreased 16.9% (down 17.3% on a constant-currency basis) year over year to $252.7 million due to a challenging macroeconomic environment. However, the top line surpassed the Zacks Consensus Estimate by 2.5%.Sonos is investing in driving innovation to support long term business growth. As part of this strategy, it unveiled an extensively redesigned Sonos app. The company is on track to launch its new product in the upcoming weeks. Management noted that the new product will provide Sonos a foothold in a multi-billion-dollar category. This will also aid in diversifying its business.The company’s shares are down 6.2% in pre-market trading on May 8. The stock has lost 19.3% in the past year compared with the sub-industry’s decline of 12.6%.
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