Sonos Q2 Results Trounce Street View, Lifts FY Outlook; Shares Up 15%

(RTTNews) - Shares of Sonos, Inc. (SONO) jumped 15% on Wednesday's extended trading session after the company reported a second-quarter results that trumped Wall Street estimates as well as lifted its full year revenue outlook, driven by strong demand for its speakers.

Sonos reported second-quarter profit of $17.2 million or $0.12 per share, compared to a loss of $52.3 million or $0.48 per share last year. Adjusted earnings for the quarter were $44.6 million or $0.31 per share, compared to adjusted loss of $37.2 million or $0.34 per share last year.

Revenue for the quarter increased 90% year-over-year to $332.9 million from $175.1 million last year.

Analysts polled by Thomson Reuters expected a loss of $0.22 per share and revenues of $248.41 million for the quarter.

Commenting on the results, CEO Patrick Spence said, "We are thrilled to report another record quarter at Sonos, as demand for our products continues to exceed even our heightened expectations."

Spence said the company is lifting it full-year outlook based on its outstanding second quarter performance and the continued strong demand for its products.

Looking forward to full year 2021, Sonos expects revenue of $1.625 billion to $1.675 billion, up from prior guidance of $1.525 billion to $1.575 billion. Analysts currently estimate revenues of $1.56 billion for 2021.

SONO closed Wednesday's trading at $31.49, down $3.38 or 9.69%, on the Nasdaq. The stock, however, gained $4.80 or 15.24%, in the after-hours trade.