Sonos, Inc. (SONO) has seen an increase of 6.42% in the aftermarket because the company announced its first-quarter fiscal year 2022 results. However, the last trading session concluded at $26.65 with an increase of 0.23%.
First Quarter Fiscal Year 2022 Results by SONO – What’s up?
SONO announced the first-quarter fiscal year 2022 results on 9th February 2022. The company announced a revenue of $664.5 million with a 3% increase year over year. Moreover, the gross margin came out to be 47.8% with an incline of 47.8%. Not only this but GAAP net income totaled $123.5 million with adjusted EBITDA of $163.1 million. Furthermore, cash flow from operating activities was $179.9 million. Last but not the least, free cash flow reported was around $173.6 million.
The company is thrilled to report that Sonos had another good quarter, with record revenue of $664.5 million and a strong adjusted EBITDA margin of 24.6 percent despite continuing to invest in the company. Importantly, SONO believes that they would have sold a lot more if it hadn’t been for chip shortages that limited the supply, as demand was high. The company has increased the midpoint of the projection to reflect the fact that the operations team has established tremendous resiliency and that they are well-positioned to deliver on the fiscal 2022 outlook.
In the long run, Sonos has a huge chance. The combination of modern household generation and existing client repurchases continues to be a strong growth engine. Furthermore, to satisfy existing customers and attract new ones, the company has a fantastic product plan. Lastly, SONO thinks that it will grasp the future and produce significant shareholder value in the long run, with a 2% sales volume of the $89 billion worldwide audio markets.
Long-term Sustainability Commitment by SONO – What’s New?
On 8th December 2021, SONO reported that as part of its commitment to a more sustainable future, the company unveiled its first Climate Action Plan. By following the plan, Sonos’ value chain will be carbon neutral by 2030 and net-zero by 2040. The company detailed the idea in Sonos’ 2021 Listen to Better Report, which provides an annual assessment of the company’s ESG activities.
The company is entering into a new era where it will focus on environmental responsibility with the Climate Action Plan, scaling up the efforts to decrease the effect across the board. Lastly, SONO is an innovative firm that thrives on the challenge of developing better products for the consumers and the environment.