NASDAQ$SONO
Sonos Inc · Q2 2023 earnings
Q2 2023 earnings · · Investor relations
Briefing
Sonos's Q2 2023 results were reported, revealing a decrease in revenue and a GAAP net loss.
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.
Headline financials
Revenue & EPS history
Sonos · Revenue · Quarterly
$304M
Revenue by segment
Sonos · $304M total across 3 segments · Q2 2023
- Sonos speakers$241M-24.1%79.3%
- Sonos system products$44.1M-28.0%14.5%
- Partner products and other revenue$18.9M-9.2%6.2%
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.
Tailwinds
- 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
Headwinds
- 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
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2023
-0.5%
Avg return
Earnings day
-0.4%
Avg return
5 days after
-3.5%
Avg return
30 days after
51%
19 / 37 earnings
Positive
+29.5%
Q4 2020
Best reaction
-25.9%
Q2 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q2 2026 | +1.0% | +1.3% | +9.3% | |
| Q1 2026 | +6.4% | +16.7% | -2.5% | |
| Q4 2025 | +1.5% | +1.5% | +16.7% | |
| Q2 2025 | +9.7% | +25.3% | +11.9% | |
| Q1 2025 | -7.5% | -12.5% | -14.1% | |
| Q4 2024 | -2.2% | -10.2% | +3.6% | |
| Q3 2024 | -5.4% | -8.4% | -6.9% | |
| Q2 2024 | -5.8% | -7.0% | -11.2% | |
| Q1 2024 | +21.8% | +15.6% | +20.2% | |
| Q4 2023 | +18.0% | +27.2% | +51.1% | |
| Q3 2023 | -7.8% | -11.8% | -16.1% | |
| Q2 2023 | -25.9% | -28.7% | -27.5% | |
| Q1 2023 | +11.9% | +14.2% | +3.0% | |
| Q4 2022 | -2.5% | -3.7% | -1.5% | |
| Q3 2022 | -22.3% | -22.2% | -27.1% | |
| Q2 2022 | +4.4% | +4.5% | +2.0% | |
| Q1 2022 | +4.7% | +2.7% | -9.7% | |
| Q4 2021 | -4.3% | -6.8% | -14.0% | |
| Q3 2021 | +6.2% | +13.4% | +5.0% | |
| Q2 2021 | -3.0% | -2.9% | +1.3% | |
| Q1 2021 | +13.1% | +10.1% | +28.9% | |
| Q4 2020 | +29.5% | +25.1% | +42.0% | |
| Q3 2020 | -13.6% | -16.5% | -20.7% | |
| Q2 2020 | -1.3% | +0.6% | +14.0% | |
| Q1 2020 | +8.0% | -5.7% | -28.2% | |
| Q4 2019 | -2.0% | +6.5% | +2.2% | |
| Q3 2019 | +8.8% | +18.8% | +48.0% | |
| Q2 2019 | +4.0% | +1.8% | +3.3% | |
| Q1 2018 | -13.5% | -9.3% | -19.3% | |
| Q1 2019 | -17.1% | -16.5% | -24.2% | |
| Q2 2018 | +4.5% | +7.5% | -15.6% | |
| Q2 2017 | +4.5% | +7.5% | -15.6% | |
| Q1 2016 | +4.5% | +7.5% | -15.6% | |
| Q4 2018 | +10.8% | -4.4% | -18.2% | |
| Q3 2018 | -19.2% | -21.6% | -38.0% | |
| Q3 2017 | -19.2% | -21.6% | -38.0% | |
| Q4 2017 | -19.2% | -11.2% | -28.8% |
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