Sonos: stock collapses after profit warning

(CercleFinance.com) - Last night Sonos announced that it has lowered its financial targets for the current financial year following a disappointing performance in the last quarter, with this profit warning resulting in a 25% collapse in its share price the Nasdaq.


On Wednesday evening the wireless music systems maker reported adjusted EBITDA of 42.1 million dollars for its Q3, compared with 46.7 million dollars a year ago.

Quarterly revenue slipped 1.8% to 371.8 million dollars in the three months to the beginning of July, below the targets it had set.

Management explained that the economic environment is becoming increasingly difficult for the group due to the strengthening of the dollar and soaring inflation, which is particularly affecting consumer spending in the market segment in which it operates.

Its adjusted Ebitda is expected to be between 215 and 230 million dollars, which would represent a 17% to 23% decline compared to the previous financial year.

The share collapsed 25% as a result.


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