Sonos stock plunged 22 percent Tuesday after the company reported earnings for the third quarter of its 2018 fiscal year, which ended on June 30. Monday's earnings report was Sonos' first since its IPO earlier this year.
Here's how the company did its first earnings report released Monday:
- Earnings: Loss of 45 cents per share.
- Revenue: $208.4 million, vs. $208 million as expected by analysts, according to Thomson Reuters.
The share losses make for Sonos' worst day since debuting on the public markets in August.
Revenue was down 6 percent year over year, according to a statement. The primary reason for the revenue decline was the Playbase audio streaming device one year earlier, CEO Patrick Spence wrote in a letter to shareholders.
Sonos' biggest category, wireless speakers, did see a gain, rising 1 percent to $93.9 million. But the company's revenue from home theater speakers declined 20 percent to $66.7 million. Revenue from components, including the Connect and Connect:Amp products, was down 4 percent year over year at $42.28 million.