Sonos: Fiscal 1Q Earnings Snapshot
SANTA BARBARA, Calif. (AP) _ Sonos Inc. (SONO) on Wednesday reported fiscal first-quarter profit of $70.8 million.
The Santa Barbara, California-based company said it had net income of 60 cents per share.
The results topped Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 47 cents per share.
The maker of wireless speakers and home sound systems posted revenue of $562.1 million in the period, also beating Street forecasts. Three analysts surveyed by Zacks expected $541.9 million.
Sonos expects full-year revenue in the range of $1.37 billion to $1.4 billion.
Sonos shares have declined almost 10% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $14.10, an increase of 7% in the last 12 months.