Sonos Inc. (NASDAQ: SONO) said on Wednesday its profit and revenue beat Wall Street estimates in the fiscal third quarter despite supply-chain pressures. Shares of the company were more than 10% up this morning. The $4.64 billion company now has a price to earnings ratio of 41.06.
Q3 financial performance
Sonos reported $17.8 million of net income in the third quarter that translates to 12 cents per share. In the comparable quarter of last year, it had posted $57 million of loss or 52 cents per share. The maker of smart audio products generated $378.7 million of revenue in the recent quarter versus the year-ago figure of $249.3 million.
According to FactSet, experts had forecast $315 million of revenue and 17 cents of per-share loss. Sonos had turned an unexpected profit in the prior quarter (Q2) as well.
Guidance for fiscal 2021
For fiscal 2021, Sonos now forecasts up to $1.710 billion of revenue, compared to $1.675 billion it had estimated in its previous guidance.
Supply shortages in the recent quarter, as per the California-based company, increased component and logistics cost. It, however, managed to offset as it pulled back on promotions, which also helped gross margins.
In separate news from the United States, Bumble Inc also reported its quarterly financial results on Wednesday.
CEO Patrick Spence’s remarks
Commenting on the financial update on Wednesday, CEO Patrick Spence said:
“We believe that the strong demand for our products is unwavering and underscores the uniqueness and power of our business model where customers start with one product and expand with more over time.”
Sonos benefitted from the COVID-19 crisis as its restricted people to their homes, fuelling demand for speakers and home-audio devices.
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