Speaker maker Sonos falls on lower annual revenue outlook

Sonos

10/05/2023 22:10

** Speaker maker Sonos Inc's  SONO.O  shares down nearly 20%
at $16.90 after market
    ** Company cuts FY revenue outlook to $1.63 bln-$1.68 bln,
from previous forecast of $1.7 bln-$1.8 bln
    ** "We are reducing our expectations for the second half of
fiscal 2023 due to softening consumer demand and channel partner
inventory tightening" - CEO 
    ** Company's Q2 revenue down 23.9% at $304.2 mln, but beats
est of $298 mln - Refinitiv
    ** As of Wednesday's close, company's shares up 25.5% YTD

 (Reporting by Aishwarya Nair in Bengaluru)