Investors turned up the volume on audio products maker Sonos (SONO -2.34%) Thursday. They bid the company's stock up by 4.5% following the release of its first set of 2022 earnings.
For its first quarter, Sonos earned $664.5 billion, which was 3% higher than the same quarter of 2021. Going in the opposite direction was non-GAAP (adjusted) earnings, which slipped to just under $145 million ($1.02 per share) from the year-ago result of $153.2 million.
Nevertheless, both figures were notably higher than professional expectations. On average, analysts tracking the stock were expecting slightly more than $641 million on the top line, and a per-share adjusted net profit of only $0.92.
In Sonos' earnings release, the company quoted CEO Patrick Spence as saying the results would have been better "but for chip shortages that constrained our supply, as demand was, and continues to be, strong."
"Longer term, the opportunity for Sonos is tremendous," Spence added. "Our flywheel of new household generation and existing customer repurchase remains a powerful driver of growth."
Reflecting this encouraging optimism, Sonos upwardly adjusted its full-year 2022 guidance, although not drastically.
It added a bit to the low end of its revenue forecast; this is now $1.95 billion to $2 billion (previously $1.925 billion to $2 billion). It also now believes it will post earnings before interest, taxes, depreciation, and amortization (EBITDA) of $290 million to $325 million. That's some distance up from the preceding $280 million to $290 million. It did not provide bottom-line estimates.