Sonos Raises 2021 Revenue Forecast After Posting Impressive Quarterly Earnings
Buoyed by quarterly earnings that far surpassed estimates, and healthy pre-orders of its new Roam portable speaker, Sonos Inc has readjusted its 2021 revenue forecast.
For the quarter that ended April 3, the company generated US$332.9 million in sales, dwarfing estimates of US$248.3 million. It has since adjusted its estimated revenue to between $1.625-$1.675 billion, up $100 million.
Stock in the company rose roughly 20 per cent after this forecast.
CEO Patrick Spence explained that Roam sales, which will be included in the current quarterly revenue, exceeded expected pre-orders, hitting 150 per cent of the target. He expected sales to continue, as the restrictions set in place by COVID-19 are eased.
“As the world reopens, I think Roam is going to be the perfect product,” Spence said.
