Courtesy of Sonos
stock was soaring in extended trading Wednesday after the audio device maker posted a surprise profit in its fiscal second quarter.
The company (ticker: SONOS) reported earnings of 12 cents a share, well ahead of Wall Street’s consensus estimate for a net loss of 22 cents a share, according to FactSet. Likewise, sales of $333 million jumped 90% year-over-year and topped estimates at $248.5 million.
Sonos also raised its fiscal 2021 revenue outlook to $1.63 billion to $1.68 billion, up from a prior range that topped out at $1.58 billion. CEO Patrick Spence said in the earnings release that the company continued to see stronger demand than it expected.
Sonos has seen heightened demand for its audio devices amid the pandemic. The company said it can build on such sales, since many of its devices can be connected through its software offerings.
“The power of our model is that customers can start with one product and expand to more over time, and our customers continue to prove they do just that,” Spence added.
Sonos stock jumped 15% to $36.15 in after-hours trading Wednesday. That’s nothing new for Sonos stock; Sonos shares soared more than 15% the day after reporting first-quarter results in February and 29% after November’s fourth-quarter report. Going back to September 2018, the stock has averaged a 12.4% absolute move—in either direction—in the day following its earnings report.
The after-hours gains, if they hold, would put the stock up about 54% year-to-date, and 296% from a year ago. That said, the stock has traded sideways in recent months, and is still off 19% from its 52-week high.
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