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Jul 01, 2023
Sonos Q3 2023 Earnings Report
Reported third quarter results with revenue increase and adjusted EBITDA
Key Takeaways
Sonos reported a slight increase in revenue and a decrease in net income compared to the same quarter last year. The company is focusing on profitability and investing in its product roadmap.
Revenue increased 0.4% year-over-year to $373.4 million.
GAAP net loss was $23.6 million, compared to a $0.6 million loss last year.
Non-GAAP net income was $21.3 million, compared to $26.5 million last year.
Free cash flow was ($7.8) million.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Sonos expects revenue in the range of $1.64 billion to $1.66 billion, representing a decline of 6% to 5% from fiscal 2022. Gross margin is expected to be in the range of 44.0% to 44.2%, and Adjusted EBITDA is expected to be in the range of $148 million to $158 million.
Positive Outlook
- Revenue decline is expected to be between 6% and 5%.
- Gross margin is expected to be in the range of 44.0% to 44.2%.
- Adjusted EBITDA is expected to be in the range of $148 million to $158 million.
- Adjusted EBITDA margin of 9.0% to 9.5%
- Company is profitable and debt free
Challenges Ahead
- Revenue is expected to decline 6% to 5% from fiscal 2022.
- Gross margin outlook was lowered from 44.3% to 44.8% to 44.0% to 44.2%.
- Conditions in categories have not returned to normal
- Workforce reduced by 7%
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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