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Sonos (SONO) earnings report Q1 2024

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Patrick Spence, president and CEO of Sonos, speaks during a Bloomberg Technology Television interview in San Francisco on Feb. 11, 2019.

David Paul Morris | Bloomberg | Getty Images

Sonos shares rose over 12% in extended trading Tuesday after the speaker company reported fiscal 2024 first-quarter sales and earnings that exceeded Wall Street expectations.

Here’s how Sonos did versus consensus expectations from LSEG, formerly Refinitiv:

  • Earnings per share: 64 cents vs. 40 cents expected
  • Revenue: $613 million vs. $587 million expected

Sales fell 9% from the same period last year. Sonos said it expected to report about $1.65 billion in sales in 2024, unchanged from its previous forecast. The company signaled that it expects its gross margin to increase during the year because of lower component costs, better product mix and less need to purchase parts quickly.

Sonos reported $80.9 million in net income, or 64 cents per share, versus $75.2 million, or 57 cents per share, last year.

Sonos makes smart speakers and other home consumer electronics, an industry that has been shrinking in recent years as a spending boom from the Covid-19 pandemic recedes.

Sonos said it was gaining market share. Its competitors include Apple, Google, Amazon, Bose and other speaker makers.

“Despite the challenging environment, we are winning in the market and outperforming the competition,” Sonos CEO Patrick Spence said in a statement.

Spence teased a new product launch in the coming months. Analysts expect the company to introduce new headphones.

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