Sonos stock was soaring on Friday following the release of its earnings report for its fiscal fourth quarter of 2018.
Losses per share reported by Sonos (NASDAQ:SONO) for its fiscal fourth quarter of the year came in at 2 cents. The company’s losses per share from the same period of the year prior were 26 cents. It is important to note that this is only the first earnings report to come as a public company.
Net loss reported by Sonos for its fiscal fourth quarter of 2018 was $1.72 million. In comparison, the company reported a net loss of $14.91 million during its fiscal fourth quarter of the previous year.
Sonos also notes that it reported operating income of $202,000 for its fiscal fourth quarter of the year. This is an improvement over the speaker company’s operating loss of $15.61 million from the same time last year.
Sonos’ earnings report for its fiscal fourth quarter of 2018 also includes revenue of $272.94 million. This is up from the company’s revenue of $214.10 million reported in its fiscal fourth quarter of the previous year. It was also a boon to Sonos stock by beating out Wall Street’s revenue estimate of $248.62 million for the period.
“One of the drivers of our strong Q4 performance was Sonos Beam,” Sonos said in a letter to investors. “Beam exceeded our forecast, capturing the number 1 position by dollar share with 8% of the U.S. soundbar category in the third calendar quarter according to NPD1, despite only being launched in mid-July.”
SONO stock was up 11% as of noon Friday.
As of this writing, William White did not hold a position in any of the aforementioned securities.