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Why Sonos Stock Was Moving Higher Today

TheMotleyFool

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Shares of Sonos (NASDAQ: SONO), the maker of Bluetooth-enabled sound bars, speakers, and other audio equipment, were moving higher today after the company delivered better-than-expected results in its fiscal first-quarter earnings report. The company also said it would cut 12% of its workforce as part of an ongoing restructuring, as sales are still declining even as it beat estimates.

As of 3:01 p.m. ET, the stock was up 4.5% on the news after gaining as much as 10% earlier in the session.

Image source: Sonos.

Source Fool.com