Sonos Jumps On Raising Forecast After Swinging Back Into Profit
By Dhirendra Tripathi
Investing.com – Sonos (NASDAQ:SONO) shares jumped 11% Thursday a day after the company raised its outlook for the full year following a return to profitability.
The company now sees its 2021 adjusted earnings before interest, taxes, depreciation and amortization in a range of $225 million to $250 million, representing growth of 107% to 130%. It had earlier expected this to come between $195 million and $225 million.
The higher guidance impressed traders as it comes amid a global shortage of chips that go into Sonos’s smart speakers and other products.
Revenue is now seen between $1.62 billion and $1.67 billion, marking a 23% to 26% year-over-year growth. It had earlier guided for revenue between $1.52 billion and $1.57 billion.
The company’s net income on GAAP basis increased to $17.2 million from a loss of $52.3 million last year.
Diluted earnings per share increased to 12 cents from a loss of 48 cents last year.
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