Sonos soars after strong fiscal-year revenue forecast

Shares of speaker maker Sonos rose as much as 23% in extended trading on Wednesday after the company reported fiscal fourth-quarter earnings and guidance that beat expectations.

Here’s how the company did:

• Earnings: 33 cents, excluding certain items, vs. 0 cents as expected by analysts, according to Refinitiv.
• Revenue: $339.8 million, vs. $298.8 million as expected by analysts, according to Refinitiv.

For the upcoming 2021 fiscal year, Sonos projects $1.44 billion to $1.5 billion in revenue, implying 11% to 15% growth, ahead of the $1.38 billion consensus among analysts polled by Refinitiv.

In the fiscal fourth quarter, which ended on October 3, Sonos’ revenue grew 16%, although the quarter was 14 weeks long, according to a statement. Leaving out the 14th week, revenue grew 7%.

Excluding the after-hours move, Sonos shares are up 9% for the year, compared with 14% for the S&P 500 index.

Executives will discuss the results on a conference call with analysts that starts at 5 p.m. Eastern time.

This is breaking news. Please check back for updates.

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