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Key Sonos Insiders Sells As Stock Falls

A key insider at US audio Company Sonos whose share are down 29% during the past six months, last week sold 97,454 shares in the sound Company, who recently said that there will no new products this year.

Sonos Chief Commercial Officer Matthew O. Siegel sold the shares at an average price of $25.04, for a total transaction of $2,440,248.16.

The sale was disclosed in a filing with the US SEC.

Sonos, has a 12-month low of $21.46 and a 12-month high of $44.72.

The stock’s 50 day moving average is $26.11.

The stock has a market cap of $3.32 billion.

The business had revenue of $664.48 million during the quarter which reported last month.

Since then, shares have fallen 11.2% underperforming the S&P 500.

Recently Sonos raised the outlook for fiscal 2022.

Sonos claim that they expect revenues to grow 14-16% year in 2022 despite processor shortages and shipping delays.

Revenues for Sonos speakers sold at mass retailers and direct online at Sonos were $501.9 million, down 4.9% from the prior-year quarter’s levels.

Sono’s system products revenues sold by specialist dealers were $134.7 million, up 37.8%.

In Australia custom installers are recommending Sonos, despite their being better system out there including a new networked speaker range from German Company Loewe.

Partner products and other revenues totalled $27.9 million, up 37.1% year over year.

Revenues from the Asia Pacific including Australia rose 17.9% to $45.2 million.

Total operating expenses rose to $184.8 million from $162 million due to Sonos spending millions marketing their own online store.

Operating income was $132.6 million compared with $137.4 million in the year-ago quarter.

Free cash flow fell 14.6% to $173.6 million.

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