BUZZ-Sonos jumps after rev beat

Reuters11-14

** Shares of Sonos rally 6.6% premarket to $15.01, a 4-mth high, after consumer electronics firm's results beat estimates ** Speaker maker late Weds reported fiscal Q4 rev of $255.4 mln, down 16% y/y, but above LSEG consensus estimate of $247.4 mln

** It reported GAAP net loss of $53.1 mln compared to loss of $31.2 mln a year ago

** Co said initial feedback on its new products Arc Ultra and Sub 4 has been positive

* "While the overall audio category continues to face headwinds, we are confident that we are well positioned to take more of it over time," CEO Patrick Spence said in statement ** Last month, Spence vowed broad series of reforms after a disastrous app update in May that torpedoed customer trust and caused co to cut staff

** Jefferies raised its PT by $1 to $18, and Craig-Hallum increased its PT by $5 to $15 in wake of report

** 3 of 6 brokerages covering SONO rate stock "strong buy" or "buy", 2 have "hold" and 1 recommends "sell"; median PT is $15

** Through Weds close, shares down 18% YTD. Stock has traded as high as $19.76 (Mar) and as low as $10.23 (Aug) in 2024

(Lance Tupper is a Reuters market analyst. The views expressed are his own) ((lance.tupper@tr.com 1-646-279-6380))

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