SONO - Here's Why Sonos Stock Jumped on Wednesday
2024-02-07 11:56:43 ET
Shares of premium audio company Sonos (NASDAQ: SONO) jumped Wednesday after it reported results for its fiscal 2024 first quarter. The company outperformed expectations on the top and bottom lines during those three months. As of 11:50 a.m. ET, Sonos stock was up 15.5%.
For the period, which ended on Dec. 30, revenue fell by almost 9% year over year to $613 million, while net income rose almost 8% to $81 million. Both figures were ahead of Wall Street's expectations. However, management kept its fiscal-year guidance unchanged, saying that some sales had likely been pulled forward into the holiday quarter.
Sonos really shined when it came to its cash flow. In Q1, it had free cash flow of $269 million. That gave it a free-cash-flow margin of 44%, which was nearly a 61% improvement over the prior-year period.
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Here's Why Sonos Stock Jumped on Wednesday