Market Overview

Sonos Reports Q4 Sales Beat, Acquires Snips

Sonos Reports Q4 Sales Beat, Acquires Snips

Sonos Inc (NASDAQ: SONO) reported a mixed fourth-quarter print Wednesday afternoon.

Earnings came in at a loss of 28 cents per share, missing estimates by 6 cents. Sales came in at $294.16 million, beating estimates by $4.9 million. This is a 7.77% increase over sales of $272.94 million the same period last year. The company issued strong 2020 sales guidance.

“Our software is proving to be a unique and compelling competitive advantage and homes with Sonos are engaging with our products more than ever. In the fourth quarter of fiscal 2019, Sonos customers listened to nearly 2 billion hours of audio content, an increase of 26% from the prior year and highlighting the increasing engagement across our platform,” said CEO Patrick Spence.

Sonos also announced the $37.5-million acquisition of Snips, an AI voice platform for connected devices that provides private-by-design voice technology.

Sonos closed the regular session down 4.4% at $13.87 per share. The stock ticked about 1.2% higher in after-hours trading.

Photo courtesy of Sonos.

Posted-In: Patrick Spence SnipsEarnings M&A News Guidance After-Hours Center Best of Benzinga


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