Sonos Stock suffers greater online loss than expected

Manufacturer of home audio system His bone (SONO) announced Monday night a larger loss and online sales than expected for its fiscal third quarter ended June 30.

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The company based in Santa Barbara, California, lost 45 cents a share on sales of $ 208.4 million this quarter. Analysts were expecting to lose 22 cents on sales of $ 208 million. In the previous year, Sonos lost 26 cents on sales of $ 223.1 million.

It was the first quarterly report of the consumer electronics company since its publication on Aug. 2 at 3pm. The title of Sonos reached a record of 23.60 on its second day of trading.

Sonos shares have fallen more than 12% in the stock market after office hours, nearly 18.85, on the stock market today. During the regular session, it jumped from 13.3% to 21.24.

Sonos is a leader in multiroom wireless music speakers. In recent years, he has faced increased competition from Amazon.com (AMZN) Apple (AAPL) AlphabetGoogle (GOOGL) and others. The Amazon Echo, Apple HomePod, and Home speakers combine personal voice assistants with audio speakers.

Sonos does not have its own voice assistant, but its speakers support Amazon Alexa and Google Assistant.

Sales Guide matches the views

For the full year ending September 29, Sonos expects revenue of $ 1.11 billion, based on the midpoint of its forecast. This is in line with estimates by Wall Street analysts.

It did not give any goal for earnings per share. Analysts have modeled Sonos to lose 19 cents per share over the year.

Sonos hopes to achieve a compound annual growth rate of at least 10% over the next few years, said CEO Patrick Spence in a letter to shareholders. The company aims for a compound annual growth rate of at least 20% of adjusted earnings, he said.

"We are focused on sustainable and profitable long-term growth," he said. "We have increased our revenues for 12 consecutive years and have generated nearly $ 1 billion in annual revenue with only about $ 110 million of capital raised since inception (prior to the IPO). how we invest. "

Increased sales of Sonos units, lower revenue

Sonos sold nearly 887,000 products in the third quarter, up 11% year-on-year. However, despite the double-digit increase in product sales, sales decreased by 7%.

Wireless speakers accounted for 45% of the company's revenue during the quarter. Home theater speakers contributed 32% of the revenue. The rest came from components and other elements.

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