Shares of Sonos jumped Wednesday after the company’s third-quarter adjusted earnings and revenue topped Wall Street’s estimates.
The stock was up 10% to $17.22 in after-hours trading. Its shares have fallen 7.5% this year.
The Santa Barbara, Calif.-based audio technology company reported a net loss of $23.6 million, or 18 cents a share, in the three months ended July 1, compared with a loss of $597,000, or less than 1 cent a share, in the same period a year earlier. Analysts polled by FactSet expected a per-share loss of 16 cents.
Adjusting for certain one-time items, the company posted earnings of 16 cents a share, compared with a loss of 7 cents a share expected by analysts polled by FactSet.
Revenue rose 0.4% to $373.4 million, topping the $335.9 million expected by analysts, according to FactSet.
Sonos also narrowed the range of its full-year outlook for revenue and adjusted earnings.