Why Sonos Stock Tumbled This Week
Week to date, shares of (NASDAQ: SONO) were down 27% through Friday morning, according to data provided by S&P Global Market Intelligence. The last year has been challenging for this leading brand of wireless home audio products. After reporting strong double-digit revenue growth through 2021, the bottom started to fall out as inflation ramped up last year.
Certain areas of the economy are holding up well in this environment, but home audio is not a high priority for consumers right now. Sonos reported a 24% year-over-year decrease in revenue for the fiscal second quarter ending April 1.
Investors were hopeful of a recovery, as the stock was up 24% year to date heading into the company's earnings report released on Wednesday. But after a disappointing quarter, what's next for the company?
Source Fool.com
Sonos Inc Stock
Sonos Inc is currently one of the favorites of our community with 10 Buy predictions and no Sell predictions.
With a target price of 17 € there is a positive potential of 33.75% for Sonos Inc compared to the current price of 12.71 €.
