Sonos, Inc. (SONO) Thursday announced a sharp decline in first quarter earnings on reduced revenues, compared to the prior year.
Currently, shares are up 4.49 percent at $14.90.
The quarterly profit was $50.24 million, down from $80.95 million last year. On a per share basis, earnings were $0.40, compared to $0.64 in the previous year. On an adjusted basis, earnings were $79.2 million or $0.64 per share.
On average, analysts were looking for $0.3 per share. Analysts estimates usually exclude special items.
Revenue for the quarter fell to $550.86 million, from $612.87 million in the prior year. Analysts were looking for $519.47 million.
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