Sonos, Inc. (SONO) shares are rising on Thursday morning trade after the company returned to profit in the third quarter on higher revenues. The company also raised its fiscal 2021 outlook.
Net profit for the quarter was $17.83 million or $0.12 per share, compared to net loss of $56.98 million or $0.52 per share a year ago. Revenue for the quarter increased to $378.67 million from $249.31 million in the prior year.
The company raised its revenue outlook for fiscal 2021 to $1.695 billion-$1.710 billion, up 28-29 percent year over year and from its earlier projection of $1.625 billion - $1.675 billion.
The shares are currently at $36.77, up 5.66 percent from the previous close of $34.80 on a volume of 4,870,135. For the 52-week period, the shares have traded in a range of $12.40-$44.72 on average volume of 2,001,960.
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