How Sonos Shares Fell 12% in August
Shares of Sonos (NASDAQ: SONO) fell 12.1% in August 2020, according to data from S&P Global Market Intelligence. The pioneering maker of smart speakers entered the month on a strong tailwind of bullish analyst reports, but the third-quarter report on August 5 failed to impress investors.
Sonos' sales fell 4% year over year to $249 million, while net losses quadrupled to $0.52 per share. Your average analyst had been looking for a net loss near $0.27 per share on revenue in the neighborhood of $236 million, so it was a mixed report compared to Wall Street's expectations.
Share prices fell 22% over the next two days. Noted short-seller Citron Research boosted Sonos share prices by 18% in June when they argued that the stock was undervalued and perhaps a good buyout target for Apple (NASDAQ: AAPL).
Source Fool.com
