Sonos: shares soar after 'record-breaking quarter'

(CercleFinance.com) - Sonos shares soared on Friday, after the wireless speaker maker posted a "record-breaking quarter," helped by the strong performance of the Sonos Beam, its speaker designed for living rooms.


Sonos said that it generated a record revenue of 273 million dollars in the fourth quarter, representing 27% growth year-on-year, while delivering near-break-even at the bottom line, with its loss narrowing to just 1.7 million dollars.

The group - which went public in August - said the Beam speaker exceeded its forecast, capturing the number 1 position on the US soundbar market, despite only being launched in mid-July.

While cheering a "good quarter", analysts at Jefferies said they have growing concerns about competition.

"We think competitive pressures are increasing and more clarity around future product releases are needed to become more constructive," they said in a note to clients.

However, investors seemed to turn a blind eye to these concerns, with the Nasdaq-listed shares jumping 15% in early morning trading.

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