Sonos (SONO) Stock Jumps 5% following Q4 EPS Beat, Announces $150 Million Stock Repurchase Program
Sonos (NASDAQ: SONO) shares were trading more than 5% higher after-hours, following the company’s reported Q4 results, with EPS coming in at $0.08, beating the consensus estimate of ($0.06). Quarterly revenue grew 6% year-over-year to $359.5 million, compared to the consensus estimate of $360.23 million.
According to Patrick Spence, the CEO of Sonos, demand for the company’s products remains stronger than ever, and the company is entering fiscal 2022 with a significant backlog as a result of ongoing industry-wide supply constraints. Despite the supply constraints, the company expects to deliver a strong fiscal 2022, with estimated revenue of $1.925-2 billion, compared to the consensus of $1.86 billion.
The company also announced that its Board of Directors has authorized a new share repurchase program of up to $150 million of its common stock.