Shares of audio products maker Sonos, Inc. (SONO) are sharply rising 25% Thursday morning after reporting fourth-quarter results that came in above the estimates. The company also announced next fiscal 2021 revenue better than analysts’ view.
The stock hit a new high of $22.32 this morning.
Net income in the fourth quarter was $18.4 million or $0.15 per share compared with net loss of $29.6 million or $0.28 per share last year.
On an adjusted basis, earnings were 0.33 per share. On average 5 analysts polled by Thomson Reuters expected breakeven earnings.
Revenue for the quarter increased 16% year-over-year to $339.8 million
For fiscal 2021, the company expects revenue to be in the range of $1.44 billion to $1.5 billion. The consensus estimate stands at $1.38 billion.
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