SONO - Sonos: The Latest Earnings Suggest The Worst Part Is Over
2024-02-20 04:34:14 ET
Summary
- Sonos reported earnings, causing a 20% increase in stock price, but overall, the stock is still down 28% since our first coverage of the company.
- Management reiterated guidance for 2024 and announced a significant product launch that will reshape SONO's offering.
- Weak demand and tough market conditions have affected Sonos' growth, but the company expects growth to improve with new product launches.
Sonos, Inc. (SONO) reported its earnings on February 6, which was warmly welcomed news by the market that sent the stock up around 20% in two days. After our first coverage of Sonos in 2022, the stock is still down 28%. At that time, we expected strong topline growth to continue supported by the high brand premiumization of their customer base, which, however, did not materialize. We remain confident in the quality of this company and its products and believe that the worst is now behind us....
Sonos: The Latest Earnings Suggest The Worst Part Is Over