From CNBC:

Sonos shares surged 12% after reporting fiscal Q1 results that beat Wall Street’s expectations: Earnings per share of 64 cents vs. 40 cents expected, sales of $613 million vs. $587 million expected. Sales fell 9% from last year, but 2024 sales forecast remains at $1.65 billion. Net income was $80.9 million, or 64 cents per share.

Sonos expects improved gross margin due to lower component costs and product mix. The company is gaining market share despite a shrinking industry. Competitors include Apple, Google and Amazon. CEO Patrick Spence teased a new product launch, possibly new headphones.

Sonos, a smart speaker and home electronics maker, reported higher than expected earnings. Sales fell 9% from last year, but their market share continues to grow. Analysts anticipate a new product launch in the coming months, potentially new headphones. Sonos expects to maintain its sales forecast for 2024 at $1.65 billion.



Read more: Sonos (SONO) earnings report Q1 2024