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Sonos Inc SONO shares are trading higher in Wednesday’s after-hours session after the company reported better-than-expected financial results.
Sonos reported fiscal fourth-quarter revenue of $316.3 million, which beat average analyst estimates of $291.54 million, according to Benzinga Pro. The company said its top-line results were down 12% on a year-over-year basis.
Sonos reported a quarterly adjusted loss of 32 cents per share, which beat average estimates for a loss of 41 cents per share.
“The macroeconomic backdrop became significantly more challenging in Fiscal 2022 … we were pleased to see trends stabilize in Q4, and head into the holidays with a good early response to our latest product, Sub Mini, and our healthiest in-stock inventory position in three years,” said Patrick Spence, CEO of Sonos.
Sonos expects full-year 2023 revenue to be between $1.7 billion and $1.8 billion versus average analyst estimates of $1.72 billion.
The company also announced a buyback of up to $100 million of its common stock.
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SONO Price Action: Sonos has a 52-week high of $31.22 and a 52-week low of $13.65.
The stock was up 4.01% in after hours at $17.52 at time of publication.
Photo: courtesy of Sonos.
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Image and article originally from www.benzinga.com. Read the original article here.