SONO - Here's Why Sonos Stock Soared Higher Today
2023-11-16 11:09:04 ET
California-based Sonos (NASDAQ: SONO) is an audio company that specializes in high-quality speakers, and its shareholders are certainly feeling good today. As of 9:50 a.m. ET, Sonos stock had soared 13% higher because of financial results that it just reported. The company generated more revenue than expected during its latest quarter, and that certainly sounds good to the market today.
After the market closed yesterday, Sonos reported financial results for its fiscal fourth quarter of 2023. The company's revenue in fiscal 2023 was down 5.5% year over year to a little less than $1.7 billion. But Wall Street had expected its top line to contract a little more than that, so it was pleasantly surprised today.
Many premium brands, including Sonos, have struggled to find sales as the economy slows and discretionary income decreases. But shareholders can also be encouraged that Sonos appears to have loyal fans.
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Here's Why Sonos Stock Soared Higher Today