Sonos (NASDAQ:SONO) stock was hit hard on Tuesday following the release of its earnings report for its fiscal third quarter of 2018.
During its fiscal third quarter of the year, Sonos reported losses per share of 45 cents. This is a major drop from the company’s losses per share of 26 cents from the same time last year. It also wasn’t good news for SONO stock by coming in below Wall Street’s losses per share estimate of 22 cents for the quarter.
Sonos also reported a net loss of $26.99 million for its fiscal third quarter of 2018. The speaker company’s net loss from its fiscal third quarter of 2017 was $14.54 million.
Operating loss reported by Sonos for its fiscal third quarter of the year came in at $21.63 million. This is down from the company’s operating loss of $16.13 million reported in the same period of the year prior.
Sonos’ earnings report for its fiscal third quarter of 2018 also includes revenue of $208.40 million. This is a decrease from the company’s revenue of $223.08 million that was reported in its fiscal third quarter of the previous year. However, it was able to come in just above analysts’ revenue estimate of $207.96 million for the period.
Sonos also took time in its most recent earnings report to provide an outlook for its fiscal full year of 2018. The company says that it is expecting revenue for the fiscal year to range from $1.109 billion to $1.114 billion. Wall Street is looking for SONO to report revenue of $1.11 billion for 2018.
SONO stock was down 18% as of Tuesday morning, but is up 6% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.