Sonos shares drop one-fifth after first quarterly report

SANTA BARBARA (dpa-AFX) – Speaker supplier Sonos has disappointed investors with its first quarterly report since going public this summer. The stock temporarily lost about a fifth of its value on Tuesday and slipped to $ 17. Sonos, a network speaker provider that wanted to take advantage of the music streaming boom, went public in early August and the price had jumped a third on the first day of trading to just under $ 20.

In the last quarter, Sonos was able to increase sales 11 percent year over year to 886,500 devices. But sales fell 6.6% to $ 208.4 million. Indeed, the small $ 199 Sonos One speaker with Amazon Alexa assistant software sold particularly well on board – and a year earlier, the basic Playbar soundbar, which was more than three times the price. , went particularly well as a new model.

The drop in sales also had an impact on profits: the quarterly loss fell to $ 27 million, from $ 14.5 million a year earlier. It was also due to a corporate restructuring, which has now generated one-time costs of $ 4.5 million – but is expected to result in annual savings of $ 14 million.

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