Why Sonos Stock Was Falling This Week
Week to date, shares of Sonos (NASDAQ: SONO) were down 26% through the market close on Thursday, according to data provided by S&P Global Market Intelligence.
Earlier this week, Sonos reported disappointing revenue results for the fiscal third quarter ending July 2, which caused the share price to fall. Following the share price drop, Sonos stock has fallen 42% year to date, underperforming the S&P 500's drop of 11.7%.
The business has performed well since the pandemic began over two years ago. Sales initially dropped 17% year over year in the fiscal second quarter of 2020, before surging to double-digit growth rates through the end of that year. Sonos benefited from the stay-at-home environment, but macroeconomic headwinds in 2022 are starting to weigh on the company's revenue.
Source Fool.com
