Sonos Inc. continued to see strong demand for its smart audio products, helping the company deliver upbeat financial results despite supply-chain pressures.
The company on Wednesday reported fiscal third-quarter net income of $17.8 million, or 12 cents a share, whereas it recorded a loss of $57.0 million, or 52 cents a share, in the year-earlier quarter. The FactSet consensus was for a 17-cent loss per share on a GAAP basis.
Sonos SONO,
Shares were up 7% in after-hours trading Wednesday.
“We believe that the strong demand for our products is unwavering and underscores the uniqueness and power of our business model where customers start with one product and expand with more over time,” Chief Executive Patrick Spence said in Sonos’ earnings release.
The company also raised its fiscal 2021 revenue outlook and now expects revenue of $1.695 billion to $1.710 billion. The company’s prior outlook called for $1.625 billion to $1.675 billion in revenue for the full fiscal year.
During the June quarter, Sonos was less promotional than a year earlier, helping gross margins, though the company also incurred higher component and logistics costs related to supply shortages.
Sonos has been a beneficiary of the pandemic as more people move to equip their homes with speakers and other home-audio devices. The company posted a surprise profit in the March quarter as well.
See more: Sonos says the growth can continue after big pandemic surge
Shares have gained 49% so far this year as the S&P 500 SPX,
