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Sonos Q4 results top estimates; unveils $200M stock buyback plan

Investing.com --  Sonos reported Wednesday better-than-feared fiscal fourth-quarter as losses narrowed more than expected and the wireless home sound system maker announced a new $200 million stock buyback program.  

Sonos (NASDAQ:SONO) was flat in afterhours following the report.

The company reported a fiscal fourth-quarter adjusted loss of $0.07 on revenue of $305.1M. Analysts polled by Investing.com anticipated a loss of $0.17 on revenue of $302.5M.

The beat on the bottom line was supported by uptick in margins to 42.4% form 39.9% that helped offset a 5.5% decline in revenue. 

Looking ahead, the company forecast revenue for 2024 in a range of $1.6B to $1.7B, or $1.65B at the midpoint. That was short of analyst estimates of $1.71B.

"While current market conditions remain challenging, this is the beginning of a multi-year product cycle where we expect to reap the rewards of our R&D investments," the company said.

In a separate announcement, the company announced a stock buyback program of up to $200 million.

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