Benzinga - Sonos Inc (NASDAQ: SONO) shares are trading higher in Wednesday's after-hours session after the company reported better-than-expected financial results.
Sonos reported fiscal fourth-quarter revenue of $316.3 million, which beat average analyst estimates of $291.54 million, according to Benzinga Pro. The company said its top-line results were down 12% on a year-over-year basis.
Sonos reported a quarterly adjusted loss of 32 cents per share, which beat average estimates for a loss of 41 cents per share.
"The macroeconomic backdrop became significantly more challenging in Fiscal 2022 ... we were pleased to see trends stabilize in Q4, and head into the holidays with a good early response to our latest product, Sub Mini, and our healthiest in-stock inventory position in three years," said Patrick Spence, CEO of Sonos.
Sonos expects full-year 2023 revenue to be between $1.7 billion and $1.8 billion versus average analyst estimates of $1.72 billion.
The company also announced a buyback of up to $100 million of its common stock.
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SONO Price Action: Sonos has a 52-week high of $31.22 and a 52-week low of $13.65.
The stock was up 4.01% in after hours at $17.52 at time of publication.
Photo: courtesy of Sonos.
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