Sonos ( NASDAQ: SONO ) fell sharply on Thursday after cutting revenue and adjusted EBITDA estimates for the full year with inflation a major headwind
The Santa Barbara-based audio product manufacturer also missed estimates on its top and bottom lines for its fiscal third quarter, notching a surprise decline in revenue from 2021. The company also noted that free cash flow was negative in the quarter.
Looking ahead, SONO now expects full-year revenue of $1.73B to $1.76B vs. a prior view for $1.95B to $2B and the consensus mark of $1.98B.
Shares of SONO traded as low as $16.90 before finishing the session down 24.95% to $17.09.
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Why did Sonos stock dive today? Weak guidance rattled investors