Sonos Inc. (NASDAQ: SONO) shares were down more than 12 percent after hours Monday after the speaker company reported a third-quarter EPS miss and a slight revenue beat.
Sonos reported Q3 revenue of $208.398 million against a $207.96-million estimate, an 11.4-percent year-over-year increase. A 45-cents-per-share loss fell short of the consensus estimate of a 22-cent loss.
Highlights From The Print
- The company's net loss increased from $14.539 million in 2017 to $26.988 million.
- Product unit growth was driven by a 25-percent increase in wireless speakers sales, primarily in the Sonos One model.
- Click here to see the full results.
Sonos’ updates included the new “Expand Globally” strategy, as well as plans to accelerate direct-to-customer channels through the Sonos app and other company platforms.
“We intend to use these tools to educate prospective customers about Sonos benefits, drive revenue through our e-commerce platform and, ultimately, build direct, lasting relationship with customers. We are focused on accelerating the growth of our DTC channel because we believe premium brands must have a direct relationship with their customers,” the company said.
Sonos announced a revised outlook philosophy in which the company will elect to forego quarterly reports and instead focus on a fiscal year update basis.
“At the beginning of each fiscal year, we intend to provide an annual outlook in our Q4 shareholder letter issued in November,” according to Sonos.
“We expect to update our full-year outlook by affirming or adjusting ranges in each quarterly shareholder letter. Consistent with our focus on long-term innovation, growth and profitability, we will not provide quarterly guidance.”
Sonos shares were trading down 14.69 percent at $18.12 at the time of publication after the market close Monday.
Sonos Debuts On The Nasdaq
Wireless Speaker Company Sonos Files For IPO: What You Need To Know
Photo courtesy of Sonos.
© 2018 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
This article was written by cool news network.