By Yasin Ebrahim

Investing.com -- Sonos reported Wednesday fiscal fourth-quarter results that topped Wall Street estimates as demand stabilized in the fourth quarter despite a "significantly" more challenging macroeconomic backdrop.

Sonos Inc (NASDAQ: SONO) was up more than 1% in recent afterhours trading.

The wireless home sound system maker reported a fiscal fourth-quarter loss of $0.32 on revenue of $316.3 million. Analysts polled by Investing.com anticipated EPS of $-0.43 on revenue of $306.13M.

The narrower loss comes even as rising costs hurt margins.

Gross margins decreased 720 basis points year-over-year to 39.2%.

Looking ahead, the company forecast fiscal 2023 revenue in a range of $1.70 billion to $1.80 billion, in-line with analysts' estimates of $1.73B.

The company also announced a new common stock repurchase program of up to $100M.