Sonos Inc SONO shares are trading lower Thursday after the company reported weak top-line results, issued guidance below analyst estimates and announced a CFO transition.
Sonos said fiscal third-quarter revenue decreased 1.8% year-over-year to $371.8 million, which missed the estimate of $419.34 million, according to Benzinga Pro. The company reported quarterly adjusted earnings of 19 cents per share, which beat the estimate of 7 cents per share.
"We have seen the macroeconomic backdrop become significantly more challenging for us starting in June as the dollar's appreciation and high inflation have adversely affected consumer sentiment globally, particularly in the categories in which we play," said Patrick Spence, CEO of Sonos.
Sonos expects full-year revenue to be between $1.73 billion and $1.755 billion versus the estimate of $1.96 billion.
In connection with its financial results, Sonos announced that its CFO Brittany Bagley is stepping down to pursue another professional opportunity. Eddie Lazarus, the company's chief legal officer, will succeed Bagley as interim CFO, effective Sept. 1.
Stifel analyst Matthew Sheerin maintained Sonos with a Hold rating and lowered the price target from $24 to $20 following the company's results.
SONO Price Action: Sonos has a 52-week high of $31.22 and a 52-week low of $17.43.
The stock was down 16.9% at $18.92 at time of publication.
Photo: courtesy of Sonos.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
