Sonos: announces first share buyback program
(CercleFinance.com) - Sonos, a maker of wireless speakers that went public last year, announced its first-ever share buyback program on Tuesday, for up to 50 million dollars.
CEO Patrick Spence said the share repurchase program reflects "confidence" in the company's long-term growth potential.
"We see tremendous value in our stock, and our strong balance sheet enables us to implement this new repurchase program while continuing to invest in our long-term roadmap and maintaining our flexibility to pursue new strategic opportunities," he said.
Repurchases under this program will be funded from the company's existing cash.
At the end of June, Sonos had net cash of nearly 300 million dollars.
Last month Sonos announced third-quarter sales up 25%.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
CEO Patrick Spence said the share repurchase program reflects "confidence" in the company's long-term growth potential.
"We see tremendous value in our stock, and our strong balance sheet enables us to implement this new repurchase program while continuing to invest in our long-term roadmap and maintaining our flexibility to pursue new strategic opportunities," he said.
Repurchases under this program will be funded from the company's existing cash.
At the end of June, Sonos had net cash of nearly 300 million dollars.
Last month Sonos announced third-quarter sales up 25%.
Copyright (c) 2019 CercleFinance.com. All rights reserved.