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Apr 01, 2023
Sonos Q2 2023 Earnings Report
Sonos's Q2 2023 results were reported, revealing a decrease in revenue and a GAAP net loss.
Key Takeaways
Sonos reported a 23.9% year-over-year decrease in revenue to $304.2 million. The company experienced a GAAP net loss of $(30.7) million compared to a net income of $8.6 million in the previous year. The company is reducing its expectations for the second half of Fiscal 2023 due to softening consumer demand and channel partner inventory tightening.
Revenue decreased 23.9% year-over-year to $304.2 million.
Gross margin decreased 150 basis points year-over-year to 43.3%.
GAAP net loss of $(30.7) million compared to net income of $8.6 million last year.
Non-GAAP diluted EPS of $0.04 compared to $0.26 last year.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Sonos revised its Fiscal Year 2023 outlook, with revenue expected to be in the range of $1.625 billion to $1.675 billion, representing a decline of 7% to 4% from fiscal 2022. Gross margin is projected to be in the range of 44.3% to 44.8%, and adjusted EBITDA is expected to be in the range of $138 million to $168 million.
Positive Outlook
- Gross margin in the range of 44.3% to 44.8%.
- Adjusted EBITDA in the range of $138 million to $168 million.
- Adjusted EBITDA margin of 8.5% to 10.0%, unchanged from prior outlook range
Challenges Ahead
- Revenue in the range of $1.625 billion to $1.675 billion, representing a decline of 7% to 4% from fiscal 2022.
- This compares to a prior outlook range of $1.7 billion to $1.8 billion, which represented a decline of 3% to growth 3% from fiscal 2022
- Gross margin in the range of 44.3% to 44.8%, compared to prior outlook range of 45.0% to 46.0%
- Adjusted EBITDA in the range of $138 million to $168 million, compared to prior outlook range of $145 million to $180 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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