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Premium speaker maker Sonos (SONO) late Wednesday matched Wall Street’s bottom-line target on better-than-expected sales for its fiscal second quarter. But the consumer electronics firm cut its outlook for the rest of the year on softening demand. Sonos stock tumbled in extended trading.
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The Santa Barbara, Calif.-based company lost 24 cents a share on sales of $304.2 million in the quarter ended April 1. Analysts polled by FactSet had expected Sonos to lose 24 cents a share on sales of $296 million. In the year-earlier period, Sonos earned 6 cents a share on sales of $400 million.
Sonos slashed its sales forecast for the full fiscal year to a range of $1.625 billion to $1.675 billion. That would represent a decline of 4% to 7% from fiscal 2022 sales. Three months ago, Sonos predicted fiscal 2023 revenue of $1.7 billion to $1.8 billion.
“We are reducing our expectations for the second half of fiscal 2023 due to softening consumer demand and channel partner inventory tightening,” Chief Executive Patrick Spence said in a news release.
Sonos Stock Tanks After Earnings Report
In after-hours trading on the stock market today, Sonos stock plummeted 19.4% to 17.05.
During the regular session Wednesday, Sonos stock fell 2.9% to close at 21.15.
Ahead of the earnings report, Sonos stock had been flirting with a buy zone after hitting a buy point of 21.66 out of a flat base on May 3, according to IBD MarketSmith charts.
Follow Patrick Seitz on Twitter at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
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