Sonos (SONO) shares jumped on Thursday after the maker of premium music speakers and television sound bars blew away Wall Street’s targets for its fiscal third quarter, delivering a surprise profit. Sonos stock rose more than 7% on the news.
The Santa Barbara, Calif.-based company late Wednesday said it earned 12 cents a share on sales of $378.7 million in the quarter ended July 3. Analysts expected Sonos to lose 17 cents a share on sales of $315 million, according to FactSet. In the year-earlier quarter, Sonos lost 52 cents a share on sales of $249 million.
Excluding stock-based compensation and other items, Sonos reported adjusted earnings per share of 27 cents. That compares with a year-earlier adjusted loss of 11 cents a share.
For the current quarter, Sonos forecast sales of $345.3 million, based on the midpoint of its guidance. That would represent year-over-year sales growth of 1.6%. However, Wall Street had predicted $370 million in sales, FactSet said.
Sonos Stock Pops Higher
On the stock market today, Sonos stock surged 7.4% to 37.38. During the regular session Wednesday, Sonos stock dropped 1.2% to 34.80.
“We believe that the strong demand for our products is unwavering and underscores the uniqueness and power of our business model where customers start with one product and expand with more over time,” Chief Executive Patrick Spence said in a news release.
Sonos stock has been consolidating for the past 17 weeks at a buy point of 44.82, according to IBD MarketSmith charts. That buy point is 10 cents above the stock’s all-time high of 44.72, reached on April 14.
Follow Patrick Seitz on Twitter at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
YOU MAY ALSO LIKE:
Sports-Centric Live TV Streamer FuboTV Scores Big Second-Quarter Beat
Highflying Textile Printer Maker Posts Upbeat Second-Quarter Report
Is Roku Stock A Buy As Company Streams Former Quibi Shows?
Find Winning Stocks With MarketSmith Pattern Recognition & Custom Screens
See Stocks On The List Of Leaders Near A Buy Point
View more information: https://www.investors.com/news/technology/sonos-stock-music-speaker-maker-blasts-loud-quarterly-beat/