Sonos (SONO) earnings This autumn 2020
Sonos celebrates its IPO on the Nasdaq, August 2, 2018.
Shares of speaker maker Sonos rose as a lot as 23% in prolonged buying and selling on Wednesday after the corporate reported fiscal fourth-quarter earnings and fiscal-year income steerage that beat expectations.
Here is how the corporate did:
- Earnings: 33 cents, excluding sure gadgets, vs. 0 cents as anticipated by analysts, based on Refinitiv.
- Income: $339.8 million, vs. $298.8 million as anticipated by analysts, based on Refinitiv.
Within the fiscal fourth quarter, which ended on October 3, Sonos’ income grew 16%, though the quarter was 14 weeks lengthy, based on a press release. Leaving out the 14th week, income grew 7%.
For greater than half of the 2020 fiscal 12 months, folks labored and attended college from dwelling to scale back unfold of the coronavirus. That meant folks had extra time to spend at dwelling listening to music — a great factor for an organization within the speaker enterprise.
Within the 2020 fiscal 12 months Sonos elevated the variety of households by 20% 12 months over 12 months to 10.9 million, in contrast with 22% within the prior 12 months. Sonos CEO Patrick Spence stated in a press release that “current clients add extra merchandise to their system – each new family that we acquire begins that cycle anew.”
For the upcoming 2021 fiscal 12 months, Sonos initiatives $1.44 billion to $1.5 billion in income, implying 11% to fifteen% progress, forward of the $1.38 billion consensus amongst analysts polled by Refinitiv.
Excluding the after-hours transfer, Sonos shares are up 9% for the 12 months, in contrast with 14% for the S&P 500 index.
Executives will focus on the outcomes on a convention name with analysts that begins at 5 p.m. Japanese time.
—CNBC’s Todd Haselton contributed to this report.
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