When Sonos Inc. (NASDAQ: SONO) released its fiscal fourth-quarter financial results after the markets closed on Thursday, the company said that it had a net loss of $0.02 per share on $272.9 million in revenues. The consensus estimates had called for $248.9 million in revenue, and the same period of last year had a net loss of $0.26 per share and $214.10 million in revenue.
During the most recent quarter, the company sold 1,120,179 products, representing 47% growth year over year, and generated $273 million in revenue. This product growth translated into a 27% increase in revenue compared to the fourth quarter of last year.
In this year’s fourth quarter, the largest driver affecting year-over-year revenue growth was the launch of Beam, which led to a 119% increase in home theater speakers products sold and a 63% increase in home theater speakers revenue.
Wireless speakers products sold increased 35% due to the continued momentum of Sonos One. Despite the strong unit growth, wireless speaker revenue increased 4% as volume mix shifted.
Looking ahead to the fiscal 2019 full year, the company expects to see revenue growth in the range of 10% to 12% and adjusted EBITDA growth in the range of 20% to 27%. Thomson Reuters is calling for $1.11 billion in revenue for the coming year.
CEO Patrick Spence commented:
We are very pleased with the progress we made in our first quarter as a public company. One of the drivers of our strong Q4 performance was Sonos Beam. The only smart speaker designed specifically for the living room, Beam is a soundbar, voice-enabled smart speaker and music speaker rolled into a welldesigned and immersive sound package. Beam exceeded our forecast, capturing the number 1 position by dollar share with 8% of the U.S. soundbar category in the third calendar quarter according to NPD, despite only being launched in mid-July.
Shares of Sonos were last seen up about 12% at $15.82 on Friday, in a 52-week range of $11.78 to $23.60. The consensus analyst price target is $22.83.