Why Sonos Is Trading Higher Today

Sonos Inc SONO stock is trading higher Thursday morning after the company reported record second-quarter fiscal 2021 earnings results.

What Happened: Sonos reported second-quarter financial results on Wednesday after the close. The audio device company reported earnings of 12 cents per share, which easily beat the estimate for a loss of 22 cents per share. It reported a 90% revenue increase year-over-year to $332.9 million, which beat the Street estimate of $248.5 million. 

“We are thrilled to report another record quarter at Sonos, as demand for our products continues to exceed even our heightened expectations. The power of our model is that customers can start with one product and expand to more over time, and our customers continue to prove they do just that," CEO Patrick Spence said in a sentence. 

Related Link: Unusual Options Activity Insight: Sonos

SONO Price Action: Sonos traded as high as $44.72 and as low as $8.56 over a 52-week period. At last check Thursday, the stock was up 13.53% in premarket trading at $35.75.

Photo courtesy of Sonos.