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.
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.
Earnings report details to follow.
Follow Patrick Seitz on Twitter at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
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