Sonos rises on Q1 beat

Sonos

07/02/2024 14:59

** Shares of consumer electronics firm Sonos Inc  SONO.O 
climb 14.82% to $18.9 to near nine-months high
    ** Co reports Q1 revenue of $612.9 mln, above Wall Street
view of $587.2 mln - LSEG data
    ** Quarterly adj. EPS of $0.84 beat average analyst estimate
of $0.40
    ** Co reaffirms FY24 forecast of revenue between $1.6 bln
and $1.7 bln; analysts expect $1.65 bln
    ** Months away from announcing highly anticipated new
product in a multi-billion dollar category - CEO Patrick Spence
    ** Five of seven brokerages rate the stock "buy" or higher,
two "hold"; their median PT is $21
    ** In 2023, SONO gained ~1.5%

 (Reporting by Khushi Singh)
 ((Khushi.Singh@thomsonreuters.com;))