Sonos: posts record profit, but sticks to previous guidance
(CercleFinance.com) - Sonos posted record revenue and profit over its first quarter, with sales boosted by the strength of its home theater products, the maker of upmarket wireless speakers said on Thursday.
The Santa Barbara-based company generated revenue of 496 million dollars in the three months ended 31 December, up 6% year-on-year, with net income of 61.7 million dollars over the period.
While the past quarter was the most profitable quarter in the company's history, Sonos stuck to confirming the full-year guidance it gave in November.
In its statement, the group pointed out higher channel inventory levels leading into its second quarter. Sonos said this high channel inventory, along with the delay of production schedules with IKEA, will impact its second-quarter performance.
The shares are down 14% in early trading in New York as a result of this on Thursday.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The Santa Barbara-based company generated revenue of 496 million dollars in the three months ended 31 December, up 6% year-on-year, with net income of 61.7 million dollars over the period.
While the past quarter was the most profitable quarter in the company's history, Sonos stuck to confirming the full-year guidance it gave in November.
In its statement, the group pointed out higher channel inventory levels leading into its second quarter. Sonos said this high channel inventory, along with the delay of production schedules with IKEA, will impact its second-quarter performance.
The shares are down 14% in early trading in New York as a result of this on Thursday.
Copyright (c) 2019 CercleFinance.com. All rights reserved.