Sonos stock fell as much as 15 percent in extended hours on Monday, erasing a trading-day gain of 13 percent, after the company reported earnings for the third quarter of its 2018 fiscal year, which ended on June 30.
Here’s how the company did its its first earnings report:
- Earnings: Loss of 45 cents per share.
- Revenue: $208.4 million, vs. $208 million as expected by analysts, according to Thomson Reuters.
Revenue was down 6 percent year over year, according to a statement. The primary reason for the revenue decline was the Playbase audio streaming device one year earlier, CEO Patrick Spence wrote in a letter to shareholders.
Sonos’ biggest category, wireless speakers, did see a gain, rising 1 percent to $93.9 million. But the company’s revenue from home theater speakers declined 20 percent to $66.7 million. Revenue from components, including the Connect and Connect:Amp products, was down 4 percent year over year at $42.28 million.