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Here is why Sonos Inc. (SONO) stock recovered its early loss in the after-hours on Wednesday

By Asim Kamal
Published On November 18, 2021 4:59 AM UTC
Here is why Sonos Inc. (SONO) stock recovered its early loss in the after-hours on Wednesday

Sonos Inc. (SONO) shares surged 2.24% in after-hours on Wednesday, November 17, 2021, and closed the daily trading at $34.22. However, in the regular trading session, SONO’s stock lost 3.15%. SONO shares have risen 95.27% over the last 12 months, and they have moved down 1.09% in the past week. Over the past three months, the stock has lost 8.53%, while over the past six months, it has gained 0.33%.

Let’s have a brief look at its recent news.

SONO Stock repurchase program

On November 17, 2021, the Board of Directors of Sonos, Inc. (SONO) authorized a common stock repurchase program of up to $150 million.

The company has completed $100 million in stock repurchases since September 2019. The company repurchased 5.2 million shares at an average price of $19.30 per share.

The repurchase program has no time limit, and Sonos may purchase shares of common stock on a discretionary basis from time to time through open market repurchases.

SONO latest financial results

On November 17, 2021, Sonos, Inc. (SONO) reported the fourth quarter and fiscal 2021 results which ended on October 2, 2021.

Q4 2021 financial highlights

  • SONO reported revenue of $359.5 million in Q4 2021 compared to $339.8 million in Q4 2020.
  • In Q4 2021, the gross margin was 46.4% compared to 47.5% in Q4 2020.
  • Total operating expenses were $178.5 million in Q4 2021 compared to $146.1 million in Q4 2020.
  • It suffered a GAAP net loss of &8.7 million or GAAP diluted loss per share of $0.07 in Q4 2021 compared to net income of $18.4 million or diluted income per share of $0.15 in Q4 2020.
  • Adjusted EBITDA was $17.1 million in Q4 2021 compared to $46.4 million in the same quarter of 2020.

FY 2021 financial highlights

  • For FY 2021, revenue was $1.717 billion compared to $1.3 billion in FY 2020.
  • Gross profit was $809.9 million in FY 2021 compared to $571.9 million in FY 2020.
  • Total operating expenses were $655 million in FY 2021 compared to $599.1 million in FY 2020.
  • SONO earned GAAP net income of $158.6 million or GAAP diluted earnings per share of $1.13 compared to a net loss of $20.1 million or loss per share of $0.18 in FY 2020.
  • Adjusted EBITDA was $278.6 million compared to $108.5 million in FY 2020.

 Fiscal 2022 Outlook

For FY 2022, Cisco is expecting,

  • Revenue in the range of $1.925 billion to $2.0 billion
  • Gross margin in the range of 46% to 47%.
  • Adjusted EBITDA in the range of $280 million to $325 million
  • Adjusted EBITDA margin in the range of 14.5% to 16.2%

 Conclusion

Cisco stock went up after it announced another share repurchase program and it can continue its momentum in the coming trading session as well.

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