Tuesday’s trading session saw SonosInc (NASDAQ: SONO) gain 2.77%. Peaks of the day include $32.35, and the lowest point the shares reached was $30.95. According to Barchart, SONO closed the previous session at $31.36, while the trading volume was 2.49 million.
During the past year, SONO stock has increased nearly 100%. Despite the pandemic and shopping center closures, the company’s sales have skyrocketed, driven by speakers’ high popularity and their increased sales.
Several studies have confirmed the superior sound quality of SonosInc (SONO) premium audio speakers. Despite the closure of retail stores for a significant part of the year. Sales of the speaker rose by 3% thanks to its high quality. The Sonos brand has grown household ownership of their products by 20% or more for 15 consecutive years.
One of Sonos’ most popular speakers today is the Sonos Move speaker. It offers high-quality audio and can be used both indoors and outdoors with Wi-Fi or Bluetooth.
One drawback of the device is that it can only be used as a home entertainment system. But Sonos looks like it intends to address this issue very shortly. The company is reportedly preparing a new version of the Sonos Move. Sonos can expect a new round of sales growth if such a product emerges on the market.
As a result of the COVID-19 crisis, several sales closed points, the staff was cut by 12 %, and stock levels were lowered. This resulted in a reduction of revenue and a loss in the third quarter compared to the previous year.
SonosInc (SONO) reported a 16 % YoY increase in revenue in the fourth quarter of 2020 and a net GAAP income of $18.4 million. During fiscal 2021, revenue is expected to raise between $1.44 billion and $1.55 billion, or 11% to 15%.