Sonos Inc. (SONO), a manufacturer of audio related products, saw a decrease in its share price on Wednesday. SONO stock price decreased by 1.16%, and hence, fell to $34.80. Currently, in the premarket, the SONO stock is gaining, with an increase of 10.78%. The share price stands at $38.55.
SONO Stock Q3 financial results
The gain in SONO stock price is seeing an increase in premarket after the company announced record results for the third quarter of the fiscal year 2021. According to the details, the company generated revenue of $378.67 million for the quarter ended July 3rd, as compared to the equivalent period of 2020. During the 9-month period of fiscal 2021, the company has generated revenue of $1.35 billion, as compared to the revenue of $986.4 million in the equivalent period of 2020. The total operating expenses for the quarter stand at $161.13 million, as compared to the operating expenses of $166.7 million for the equivalent period of 2020. The operating expenses for the 9-month period of 2021 stand at $476.55 million, as compared to the operating expenses of $453.08 million for the equivalent period of 2020. All in all, the company’s handsome quarterly and 9-month performance has a positive impact upon the performance of SONO stock.
Partnership with Liverpool FC
On Tuesday, SONO stock administration announced that the company would partner with Liverpool football club for the enhancement of the sonic experience at Anfield, the club’s home stadium. This partnership is Sonos first partnership with any sports body, as the company looks to enhance the listening experience of people around the globe, making it more simple and joyful. “There’s a clear harmony between LFC and Sonos, we both share a great passion for the soundtrack of our experiences”, said Matt Scammell, the commercial director at Liverpool FC on the occasion.
Partnership with North Face
On July 26th, SONO stock announced to enter into a partnership with The North Face, a retailer of high-performance climbing and backpacking equipment, in celebration of the new Sonos Roam. It is a device meant to deliver some great sound experience at home and during the adventure. “What our partnership with Sonos unlocks is a completely new avenue for storytelling, with a brand that shares so many of our values”, said Global vice President of Marketing and Product of the North Face.
Q2 financial results
In mid of May, the company announced the financial results for the second quarter of the fiscal year 2021. According to the results, the revenue for the quarter that ended 3rd of April was $332.9 million, as compared to the revenue of $175 million during the equivalent period of 2020. The total operating expenses during the quarter stood at $153.38 million, as compared to the operating expenses of $126.21 million during the equivalent period of 2020.
What lies ahead for SONO stock?
The financial performance by SONO stock suggests that it could gain further in near future, because of the fact that the COVID pandemic impacted the performance of the company severely, but as the government had softened the restrictions, the company’s financial performance is well on rising, and it is hoped that it would continue to be so in near future. All of these events could directly impact the SONO stock performance, so, potential investors should keep a close watch on SONO stock.
