Sonos Reports Strong First Quarter Results
SANTA BARBARA, Calif. – Sonos Inc. (SONO) announced its financial performance for the first quarter of fiscal 2023, reporting a net income of $50.2 million and earnings per share of 40 cents.
Adjusted for non-recurring expenses and stock option expenses, earnings reached 64 cents per share, surpassing consensus estimates from Zacks Investment Research. The company's revenue of $550.9 million exceeded Street forecasts of $525.1 million.
Sonos, known for its wireless speakers and home sound systems, attributed its strong performance to robust demand for its products. The company continues to innovate and expand its product portfolio to meet the evolving needs of its customers.
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