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Sonos announced Wednesday that its chief financial officer, Mike Giannetto, will retire this year after more than seven years in the company, overshadowing the record quarterly results of the company's connected speakers.
Shares of the California company that made its public debut in August fell 6% to $ 12.37 in prolonged trading. This is added to a 6% drop in normal transactions.
Mr. Giannetto informed the company of his decision earlier this month, but will remain in office until his successor is appointed. Sonos has hired executive search firm Spencer Stuart to find his next chief financial officer.
"Mike has helped bring us to a place of financial stability and operational excellence," said Managing Director Patrick Spence.
This departure accompanied the results of the first quarter of the fiscal year, which showed that revenues had increased by almost 6% over last year, reaching $ 496.4 million, ahead of the expectations of the United States. badysts for $ 491 million, according to a Refinitiv poll. The company reported selling 2.38 million products during the quarter.
Sonos also said the quarter ended December 29 was the most profitable quarter in its history, thanks to "record sales and increased efficiency." Net income reached $ 61.7 million or 55 cents per share, compared to $ 45.7 million or 36 cents per share in the same quarter of the previous year. This easily surpbaded badysts' estimates for 41 cents.
Sonos software makes it easy to pair multiple speakers in the same synced group, allowing you to stream music or podcasts throughout the home or bring surround sound to the living room. And the company noted that while benefiting from the "consumer-level upgrade of Sonos in North America" by the end of last year, its growth in Europe "was slower because the voice was at a stage early adoption ".
In the future, the company has reaffirmed its outlook for 2019, with a turnover of between $ 1.25 and $ 1.275 billion.
Sonos shares are down nearly 37% since their debut in the market, but up 26% since the beginning of the year.
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