NASDAQ$SONO
Sonos Inc · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
Reported third quarter results with revenue increase and adjusted EBITDA
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.
Headline financials
Revenue & EPS history
Sonos · Revenue · Quarterly
$373M
Revenue by segment
Sonos · $373M total across 3 segments · Q3 2023
- Sonos speakers$290M-7.8%77.6%
- Sonos system products$64.2M+67.4%17.2%
- Partner products and other revenue$19.4M+0.9%5.2%
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.
Tailwinds
- 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
Headwinds
- 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%
- Macroeconomic environment
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 Q3 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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