Sonos Reports Third Quarter Fiscal 2024 Results

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[{"type":"text","content":" SANTA BARBARA, Calif.--(BUSINESS WIRE)--\nSonos, Inc. (Nasdaq: SONO) today reported third quarter fiscal 2024 results.\n\n\n“Thanks to Ace, our long-awaited entry into headphones, we reported year over year revenue growth and delivered results that slightly exceeded our expectations in our third quarter,” Sonos CEO Patrick Spence commented. “This was overshadowed by the problems that our customers and partners experienced as a result of the rollout of our new app, which in turn has required us to reduce our Fiscal 2024 guidance. We have a clear action plan to address the issues caused by our app as quickly as possible. While our app setback is regrettable, it is one chapter in our over twenty years of delighting customers. I speak for everyone at Sonos when I say that our #1 priority is to make this right and ensure that the next chapter is even better than the previous ones.”\n\n\nThird Quarter Fiscal 2024 Financial Highlights (unaudited)\n\n\n\nRevenue of $397.1 million\n\n\n\nGross margin of 48.3%\n\n\n\nGAAP net income of $3.7 million, GAAP diluted earnings per share (EPS) of $0.03\n\n\n\nNon-GAAP net income1 of $29.5 million, Non-GAAP diluted EPS1 of $0.23\n\n\n\nAdjusted EBITDA1 of $48.9 million\n\n\n\nNotes:\n\n\n(1) Non-GAAP net income/Non-GAAP diluted earnings per share (EPS) and Adjusted EBITDA exclude stock-based compensation, legal and transaction related fees, amortization of intangibles, and restructuring and abandonment costs. See “Use of Non-GAAP Measures” and reconciliations to GAAP measures below.\n\n\nFiscal 2024 Outlook\n\n\nThe company will provide its Fiscal 2024 outlook on its third quarter fiscal 2024 earnings call.\n\n\nSupplemental Earnings Presentation\n\n\nFollowing the earnings call, the company will post a supplemental earnings presentation regarding its third quarter fiscal 2024 results to the Earnings Reports section of its investor relations website at https://investors.sonos.com/reports-and-filings/default.aspx#section=earningsreports.\n\n\nConference Call, Webcast and Transcript\n\n\nThe company will host a webcast of its conference call and Q&A related to its third quarter fiscal 2024 results on August 7, 2024, at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time). Participants may access the live webcast in listen-only mode on the Sonos investor relations website at https://investors.sonos.com/...

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