SONO - Why Sonos Stock Zoomed 14% Higher This Week
2024-02-09 18:10:00 ET
An estimates-crushing quarter and a clutch of analyst price-target hikes were the rockets that propelled Sonos (NASDAQ: SONO) stock into the heavens this week. Across the five trading days, the next-generation audio equipment maker saw its share price rise by more than 14%, according to data compiled by S&P Global Market Intelligence .
For the first quarter of its fiscal 2024, Sonos revealed on Wednesday the company earned revenue of slightly under $613 million. This was a nearly 9% decline on a year-over-year basis; still, it trounced the consensus-analyst estimate of a bit over $589 million.
Non- GAAP (adjusted) net income went in the opposite direction, rising by nearly 3% to land at more than $106 million ($0.84 per share). That was a very convincing beat, as those prognosticators were collectively modeling only $0.42.
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Why Sonos Stock Zoomed 14% Higher This Week