Log in
Log in
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
Sign up
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
  1. Homepage
  2. Equities
  3. United States
  4. Nasdaq
  5. Sonos, Inc.
  6. News
  7. Summary
    SONO   US83570H1086

SONOS, INC.

(SONO)
  Report
Delayed Nasdaq  -  04:00 2022-10-03 pm EDT
13.96 USD   +0.43%
09/13Introducing Sub Mini, the Curvy Subwoofer that Drops Big Beats
BU
09/13Sonos Announces Sonos Sub Mini, the Wireless Subwoofer That Sets New Standard in Its Category for Powerful, Balanced Bass
CI
09/12Transcript : Sonos, Inc. Presents at Goldman Sachs Communacopia + Technology Conference 2022, Sep-12-2022 03:00 PM
CI
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisionsFunds 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Sonos shares hit a low note on revenue forecast cut

08/11/2022 | 09:12am EDT

Aug 11 (Reuters) - Sonos Inc shares tumbled about 17% on Thursday after the speaker maker cut its full-year revenue forecast, citing a weakness in consumer spending on electronic items ahead of the crucial holiday season.

Americans are spending money saved during the pandemic more on travel and other leisure-related activities rather than on discretionary items such as TVs and speakers, roiling the electronic industry.

"Changing consumer spending patterns influenced our retail partners' outlook who in turn are taking a cautious approach to their inventory position," Chief Executive Officer Patrick Spence told analysts on Wednesday.

Supply chain issues, which has been a bugbear of the industry for nearly two years now, continued to hurt Sonos' premium offerings such as its Amp and Beam speakers, while its newly launched speaker Ray was greeted with tepid demand.

"We were wrong to believe Sonos would be more insulated from macro weakness given their exposure to a higher-end consumer, and expect they will continue to face headwinds in the near-term," Jefferies analyst Brent Thill said.

Sonos cut its annual revenue estimate to a range of $1.73 billion to $1.76 billion from $1.95 billion to $2 billion projected previously, echoing forecast cuts at chip suppliers including Micron Technology and Intel Corp.

Sonos now expects inventory levels to improve only after the holiday quarter.

The company also said Brittany Bagley is stepping down as chief financial officer and that Chief Legal Officer Eddie Lazarus will take over the role on an interim basis.

Shares of California-based Sonos were trading at $18.96 in trading before the bell. (Reporting by Chavi Mehta and Nivedita Balu in Bengaluru; Editing by Anil D'Silva)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
INTEL CORPORATION 4.66% 26.97 Delayed Quote.-49.96%
LONDON BRENT OIL 0.35% 89.07 Delayed Quote.9.50%
MICRON TECHNOLOGY, INC. 3.23% 51.72 Delayed Quote.-44.48%
SONOS, INC. 0.43% 13.96 Delayed Quote.-53.36%
WTI 0.37% 83.674 Delayed Quote.8.90%
All news about SONOS, INC.
09/13Introducing Sub Mini, the Curvy Subwoofer that Drops Big Beats
BU
09/13Sonos Announces Sonos Sub Mini, the Wireless Subwoofer That Sets New Standard in Its Ca..
CI
09/12Transcript : Sonos, Inc. Presents at Goldman Sachs Communacopia + Technology ..
CI
09/12Sonos Inc : Regulation FD Disclosure (form 8-K)
AQ
09/09U.S. trade body probes allegations Sonos violated Google patents
RE
09/09U.S. trade body probes allegations Sonos violated Google patents
RE
09/08Sonos Announces Participation in Goldman Sachs Communacopia + Technology Conference
BU
09/06Sonos Names Chris Mason as Principal Accounting Officer
MT
09/06SONOS INC Change in Directors or Principal Officers (form 8-K/A)
AQ
09/06Sonos Inc : Change in Directors or Principal Officers (form 8-K)
AQ
More news
Analyst Recommendations on SONOS, INC.
More recommendations
Financials (USD)
Sales 2022 1 737 M - -
Net income 2022 78,2 M - -
Net cash 2022 427 M - -
P/E ratio 2022 24,1x
Yield 2022 -
Capitalization 1 776 M 1 776 M -
EV / Sales 2022 0,78x
EV / Sales 2023 0,72x
Nbr of Employees 1 525
Free-Float 96,1%
Chart SONOS, INC.
Duration : Period :
Sonos, Inc. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends SONOS, INC.
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 7
Last Close Price 13,96 $
Average target price 22,87 $
Spread / Average Target 63,8%
EPS Revisions
Managers and Directors
Patrick Spence President, Chief Executive Officer & Director
Edward Peter Lazarus CFO, Secretary & Chief Legal Officer
Michelangelo A. Volpi Chairman
Maxime Bouvat-Merlin Senior VP-Hardware & Operations
Julius Genachowski Independent Director
Sector and Competitors
1st jan.Capi. (M$)
SONOS, INC.-53.36%1 769
SONY GROUP CORPORATION-35.85%79 270
PANASONIC CORPORATION-19.80%16 366
LG ELECTRONICS INC.-43.04%9 358
LARGAN PRECISION CO.,LTD-33.67%7 033
SHARP CORPORATION-34.67%3 873