SANTA BARBARA, Calif. - Sonos Inc . (NASDAQ:SONO) reported better-than-expected fourth quarter results, sending its shares up 2.98% in after-hours trading Wednesday.
The audio products maker posted a narrower-than-expected adjusted loss of $0.18 per share for the quarter ended September 28, beating analyst estimates of a $0.39 per share loss. Revenue came in at $255.38 million, surpassing the consensus forecast of $249.64 million.
Despite the revenue beat, Sonos saw sales decline 16.3% YoY from $305.15 million in the same quarter last year, reflecting ongoing headwinds in the audio category.
"While the overall audio category continues to face headwinds, we are confident that we are well positioned to take more of it over time," said Sonos CEO Patrick Spence in a statement.
The company made progress on recovering from software issues that had delayed some product launches. Sonos was able to release its new Arc Ultra and Sub 4 products in time for the holiday season.
For the full fiscal year 2024, Sonos reported revenue of $1.52 billion, down 8.3% from $1.66 billion in fiscal 2023. The company posted an adjusted profit of $0.56 per share for the year.
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