Why Sonos Stock Spiked to All-Time Highs Today
Shares of home-audio company Sonos (NASDAQ: SONO) spiked on Thursday, briefly surpassing previous all-time highs set shortly after its initial public offering (IPO) in 2018. Today, investors were cheering the company's full-year financial results that showed strong growth, particularly in its direct-to-consumer (DTC) business. As of 12:15 p.m. EST, the stock was up 27% after trading 29% higher earlier in the session.
The fiscal year for Sonos ended on Oct. 3, and today the company released results for the fiscal fourth quarter, closing out 2020. For the fiscal year, revenue was only up 5% year over year to $1.3 billion, but a lot of this came in the final quarter, when revenue was up a whopping 16% from a year ago.
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Source Fool.com
