Sonos (NASDAQ:SONO) shares rose nearly 3% in extended trading Wednesday on a fiscal fourth-quarter loss that came in narrower than expected.
The audio technology company posted revenue of $305.1 million, down 3.5% year-over-year but above Street expectations of $299.4 million. Its adjusted loss was $0.07 per share, compared to $0.30 in the year-ago quarter and narrow than the $0.18 expected by analysts.
CEO Patrick Spence acknowledged a tough macro environment but said Sonos (NASDAQ:SONO) performed well in spite of it.
“While it was a challenging year in the categories in which we play, the strength of the Sonos brand and product portfolio enabled us to retain a strong market share position,” Spence said in a statement.
Looking ahead, Sonos guided for fiscal 2024 revenue between $1.6 billion and $1.7 billion.
“While current market conditions remain challenging, this is the beginning of a multi-year product cycle where we expect to reap the rewards of our R&D investments,” Spence said. “This cycle begins with our entry into a new multi-billion dollar category in the second half of the year that will complement our current offering, delight customers and drive immediate revenue.”
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