Sonos Inc. (SONO, Financial) experienced a significant stock decline of 5%, currently trading at $14.25 per share with a trading volume of 1.61 million shares. The company's recent financial report shows revenue of $551 million, a net profit of $50.24 million, and earnings per share of $0.41. However, the price-to-earnings ratio stands at a negative 25.95.
In terms of analyst ratings, out of eight participating institutions, 38% recommend buying, 50% suggest holding, and 12% advise selling the stock. The consumer electronics sector, where Sonos operates, saw an overall decline of 2.19%.
Sonos, known for its home audio systems, offers products like speakers, amplifiers, and various accessories. The company operates in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific, with the majority of its revenue coming from the Americas.
Significantly impacting the stock, Sonos announced a 12% workforce reduction, cutting about 200 employees to streamline and focus its product team. This move comes after a failed application affected the brand image and sales during the launch of new hardware products like headphones. Sonos is set to release its first-quarter earnings report soon.
