Sonos on Thursday reported a loss of $1.7 million in its fiscal fourth quarter. The Santa Barbara, Calif.-based company said it had a loss of 2 cents per share during its first quarter as a public company.
The maker of wireless speakers and home sound systems posted revenue of $272.9 million in the period, surpassing Wall Street forecasts. Three analysts surveyed by Zacks expected $248.9 million.
For the year, the company reported a loss of $15.6 million, or 24 cents per share. Revenue was reported as $1.14 billion. For the current quarter ending in January, Sonos said it expects revenue in the range of $485 million to $495 million. The company expects full-year revenue in the range of $1.25 billion to $1.27 billion.
In a letter to shareholders, CEO Patrick Spence touted recent product launches, an expansion into Japan and a partnership with IKEA as signs of progress, and said the company expects to add Google Assistant to its platform soon.
"We're proud of our progress over the last 16 years," Spence said. "However, we believe this is only the beginning as we work to become the world’s leading sound experience company. With Sonos in over 7.4 million homes today, we are off to a great start, but we believe we are just scratching the surface considering that approximately 200 million subscribers are paying for streaming music, a number that is expected to grow to 333 million over the next three years."