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.
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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%.