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Sonos: The title drops after a profit warning


(CercleFinance.com) – Sonos announced last night that it had lowered its financial objectives for its current fiscal year following disappointing performance over the past quarter, a warning which resulted in a 23% drop in its share price. Thursday on the Nasdaq.

The maker of wireless music systems reported adjusted operating income (EBITDA) of $42.1 million on Wednesday evening for the third quarter of its staggered fiscal year, compared to $46.7 million a year earlier. .

Its quarterly revenue fell 1.8% to $371.8 million in the three months to early July, a performance below the targets it had set itself.

In a press release, Chief Executive Patrick Spence explains that the economic environment is becoming increasingly difficult for the group due to the rise in the dollar and soaring inflation, which is particularly affecting consumer spending on the market segment in which it operates.

The company based in Santa Barbara (California) says it has revised its forecasts accordingly, only counting on a growth of 1% or 2% of its turnover over the whole of the 2021/2022 financial year, now expected. between 1.73 and 1.75 billion dollars, and no longer between 1.95 and two billion.

Its adjusted Ebitda is expected to be between 215 and 230 million dollars, which would correspond to a decline of 17% to 23% compared to the previous year.

Following these forecasts, Sonos shares fell nearly 23% on Thursday in early trading on the Nasdaq.

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