Why Sonos Stock Jumped 12% This Morning
Home audio specialist Sonos (NASDAQ: SONO) reported impressive second-quarter results on Wednesday evening, sending the stock as much as 16% higher in after-hours trading.
The stock cooled down a bit after the initial surge of investor enthusiasm, notching a maximum jump of 12.1% on Thursday morning. By 1 p.m. EDT, Sonos had retreated to a 3.4% gain.
Second-quarter sales increased 90% year over year to $333 million, driven by fantastic demand for the company's home entertainment products. On the bottom line, Sonos swung from an adjusted net loss of $0.34 per share to adjusted earnings of $0.31 per share. Your average analyst would have settled for a net loss of $0.22 per share on revenue near $248 million.
Source Fool.com
