Sonos improves the forecast for the next quarter

Last week, the audio products Sonos Inc. (SONO) developer presented a report for the first quarter of 2022. Despite the decline in profits, the figures were better than Wall Street forecasts. Sonos earned $664.5 billion during the first quarter, 3% more year on year. 

However, non-GAAP adjusted earnings fell to just under $145 million, equivalent to $1.02 per share. Both indicators were better than the expectations of Wall Street analysts because the company’s shares rose in price after the publication of the report. In addition, the company itself noted that sales could be higher if there were no chips on the market; the disruption of supply chains has become a problem. 

Therefore, in the long term, according to management, Sonos has excellent opportunities for sales growth, especially when negative factors cease to affect the business. Based on the assumption of possible change, Sonos has improved its forecast for 2022. In particular, the company raised the lower limit of the revenue range from $1.95 billion to $2 billion. The company expects EBITDA profit of $290 million to $325 million, which is also higher than previous forecasts. The main activity of Sonos is the production of audio systems. 

The company offers portable audio speakers, smart speakers for voice assistants, home theaters, etc. Sonos is trying to integrate new solutions into these devices to attract young users. Sonos premium sound speakers, according to many consumers, offer better sound quality than competing products from companies such as Amazon.com, Apple, and Google. Currently, one of the Sonos sales hits is the Sonos Move speaker. It provides high sound quality and allows you to use Wi-Fi and Bluetooth indoors and out.