Sonos: outlook disappoints, shares tumble
(CercleFinance.com) - Sonos posted a higher Q3 loss and has given a disappointing outlook which has raised doubts about the growth momentum of the maker of wireless home sound systems, which has recently been floated on the stockmarket.
Sonos' Q3 net loss rose to 27 million dollars, or 0.45 dollar a share, compared with a loss of 14.5 million dollars or 0.26 dollar a share a year ago. Its revenues fell to 208 million dollars.
For FY 2018, to 29 September, Sonos says it forecasts revenue to reach around 1.1 billion dollars.
"Investors were looking for a raise on the FY guide, but was in line with Street (1.1 billion dollars)," comment analysts at Jefferies.
The US broker does not hide its disappointment regarding this publication, which is the first since Sonos was floated in August this year.
"Focus will shift to the holiday quarter (historically around 40% of revenue)," it said.
"We remain fundamental fans of the story, but believe the stock will be range-bound until more clarity around full year 2019 and new products," it added.
Sonos shares are currently tumbling 17% at 17.7 dollars. Its shares are now just slightly above their IPO price of 15 dollars.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
Sonos' Q3 net loss rose to 27 million dollars, or 0.45 dollar a share, compared with a loss of 14.5 million dollars or 0.26 dollar a share a year ago. Its revenues fell to 208 million dollars.
For FY 2018, to 29 September, Sonos says it forecasts revenue to reach around 1.1 billion dollars.
"Investors were looking for a raise on the FY guide, but was in line with Street (1.1 billion dollars)," comment analysts at Jefferies.
The US broker does not hide its disappointment regarding this publication, which is the first since Sonos was floated in August this year.
"Focus will shift to the holiday quarter (historically around 40% of revenue)," it said.
"We remain fundamental fans of the story, but believe the stock will be range-bound until more clarity around full year 2019 and new products," it added.
Sonos shares are currently tumbling 17% at 17.7 dollars. Its shares are now just slightly above their IPO price of 15 dollars.
Copyright (c) 2018 CercleFinance.com. All rights reserved.