On Monday, Sonos posted its first quarterly financial update since the company listed on Nasdaq. The day was a rollercoaster for the wireless speaker company’s stock prices, with a 13% spike ahead of the announcement and a 15% drop after it. Sonos posted a quarterly loss of $27 million, almost double its loss from the year-ago period. Quarterly revenue reached $208.4 million, a figure that met analysts’ expectations but still fell 6.6% from the year-ago result.
“This dynamic between year-over-year product unit growth and year-over-year revenue decline can be caused by our new product launches and/or product mix,” CEO Patrick Spence wrote in his letter to shareholders.
The company is projecting 2018 revenue between $1.109 billion and $1.114 billion. It also recently unveiled several new products in recent weeks that further Sonos’ push into smart speakers, voice controls, and high-end audio. There’s also still international progress to potentially be made, with Sonos making its debut in Japan just after the end of its Q3.
Today, Sonos’ stock price is still reacting to the financial news, hovering around $17 per share after reaching upwards of $19 when it debuted on Nasdaq.