Sonos Soars On Revising Forecast Again As It Swings Back To Profit By Investing.com

By Dhirendra Tripathi

Investing.com — Sonos stock (NASDAQ:SONO) jumped 11% in Thursday’s premarket trading as the company revised its annual guidance for the second time as demand for its products brought it back to profitability.

The company now sees its revenue in the range of $1.69 billion to $1.71 billion, a growth of 28%-29% year-over-year. It had earlier revised it to $1.62 billion-$1.67 billion.

Adjusted EBITDA is now seen between $270 million and $280 million.

The company listed a few reasons including a blended office-home life for the increasing demand for its products. According to Sonos CEO Patrick Spence, as people get the freedom to work from any place they choose to, they will look make investments in their life at home.

Availability of more audio content and more video content going direct-to-home is also fueling demand for the company’s products, Spence said.

Sonos’ revenue in the second quarter increased 52% year-over-year to $378.7 million. Net income was $17.8 million compared to a loss of $56.98 million.