SONO - Here's Why Sonos Stock Jumped 22% During February
2024-03-05 15:19:57 ET
Shares of premium speaker company Sonos (NASDAQ: SONO) jumped 21.7% during February, according to data provided by S&P Global Market Intelligence . The stock jumped higher early in the month after the company reported quarterly financial results. And it held on to gains even after a report suggested it's having trouble with a new product.
On Feb. 6, Sonos reported financial results for the fiscal first quarter of 2024 -- a three-month period that ended on Dec. 30. It's true that the company's Q1 revenue was down 9% from the prior-year period. But the market was excited nevertheless because its revenue far surpassed what analysts had expected.
Investors may have also been upbeat because Sonos' management continuously teased a new product that's coming out in the fiscal third quarter. Launching new products in new categories is part of the company's long-term growth strategy. So it makes sense why this could excite investors.
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Here's Why Sonos Stock Jumped 22% During February