Sonos, Inc. (NASDAQ:SONO) shares rose 12.4% to $42.88 in pre-market trading. A ruling by U.S. International Trade Commission Judge Charles Bullock showed that tech giant Alphabet infringed on five patents owned by Sonos,
Last week, the news was that GAAP net income (loss) increased to $17.8 million from ($57.0) million last year; non-GAAP net income (loss) excluding stock-based compensation, restructuring and legal and transaction related fees increased to $38.7 million from ($11.6) million last year.
GAAP diluted earnings per share (EPS) increased to $0.12 from ($0.52) last year; non-GAAP diluted earnings per share (EPS) excluding stock-based compensation, restructuring, and legal and transaction related fees increased to $0.27 from ($0.11) last year.
CEO Patrick Spence said, “Our third-quarter results represent yet another record-shattering quarter at Sonos. 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.”
Spence continued, “Our future has never been brighter, as there are three macro trends that position Sonos for continued growth in the large and growing global audio market. First, the ‘Golden Age of Audio’ – as the leading premium home audio brand, we are well positioned to capitalize on the continued increase in audio content consumption and new audio formats that are emerging. Second, ‘Hollywood at Home’ – with more video content going direct-to-home, consumers are demanding a theater-like audio experience in the home which Sonos is well positioned to provide.
“Third, ‘The Great Reshuffling’ – the untethering of people from their offices enabling flexibility on how and where to live will drive continued investment in the home, a trend that our premium brand, design and quality is well-suited to capitalize on.”
SONO shares vaulted $3.74, or 9.8%, to $41.88.