Investors are tuning out Sonos after a disappointing quarter

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Sonos stock is still struggling to recover after a disappointing earnings report sent shares of the audio hardware manufacturing company plummeting.

The stock is currently down over 18 percent in trading on the Nasdaq after yesterday’s news that the company lost 45 cents per share on revenues  of roughly $208 million for the quarter.

The losses put Sonos on pace for its worst day since debuting on the public markets in August.

Revenue was down pretty sharply on an annual basis thanks to declining sales of the company’s Playbase audio streaming service (that retails for $699), which Sonos rolled out last year. And while the company’s speaker business posted a small gain in sales, it wasn’t enough to offset Sonos’

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Read full article » https://techcrunch.com/2018/09/11/investors-are-tuning-out-sonos-after-a-disappointing-quarter/


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