Premium speaker maker Sonos (SONO) late Wednesday matched Wall Street’s earnings target on better-than-expected sales for its fiscal second quarter. But the consumer electronics firm cut its outlook for the rest of the year on softening demand. Sonos stock tumbled in extended trading.
X
The Santa Barbara, Calif.-based company lost 24 cents a share on sales of $304.2 million in the quarter ended April 1. Analysts polled by FactSet had expected Sonos to lose 24 cents a share on sales of $296 million. In the year-earlier period, Sonos earned 6 cents a share on sales of $400 million.
In after-hours trading on the stock market today, Sonos stock plummeted 18.6% to 17.21. During the regular session Wednesday, Sonos stock fell 2.9% to close at 21.15.
Ahead of the earnings report, Sonos stock had been flirting with a buy zone since hitting a buy point of 21.66 out of a flat base on May 3, according to IBD MarketSmith charts.
Earnings report details to follow.
Follow Patrick Seitz on Twitter at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
YOU MAY ALSO LIKE:
Electronic Arts Crushes March-Quarter Views, Gives Bullish Earnings Outlook
Salesforce Stock Tests Fresh Buy Point
Skyworks Stock Sinks After Chipmaker Lowers Outlook For Current Quarter
See Stocks On The List Of Leaders Near A Buy Point
Find Winning Stocks With MarketSmith Pattern Recognition & Custom Screens
