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Investing.com -- Sonos, Inc. reported first-quarter fiscal 2025 results that exceeded analyst estimates, sending its stock soaring over 19% in premarket trading.
The audio equipment maker posted adjusted earnings per share of $0.64, significantly beating the analyst consensus of $0.30. Revenue for the quarter came in at $551 million, surpassing the $544.28 million estimate and approaching the high end of the company’s guidance range.
Compared to the same quarter last year, Sonos (NASDAQ:SONO) did not provide specific YoY revenue growth figures. The strong quarterly performance comes as the company announced a reorganization and reduction in force affecting approximately 12% of its employees.
"Our Q1 results show our team’s commitment to execution as we navigate a difficult environment," said Saori Casey, Sonos Chief Financial Officer. "We continue to make great progress in our transformation journey that will set us up well for the future."
The company expects to incur $15 to $18 million in restructuring charges, primarily related to employee severance and benefits costs, in the second quarter of fiscal 2025.
Interim CEO Tom Conrad commented on the organizational changes: "Yesterday we implemented important organizational changes that mark the start of a new chapter of efficiency and growth for Sonos. I see tremendous opportunity in front of us."
Sonos reported a GAAP gross margin of 43.8% and GAAP net income of $50.2 million for the quarter.