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Sonos raises annual forecast, beats analyst estimates on sales and profits

May 12 (Reuters) - Connected speaker maker Sonos Inc on Wednesday raised its annual sales forecast above Wall Street expectations and posted second-quarter sales and profits that also beat expectations.

The Santa Barbara, California-based company forecast fiscal 2021 sales at a midpoint of $1.65 billion, above its prior forecast of $1.55 billion and above analyst expectations of $1.56 billion, according to IBES data from Refinitiv. For the company’s fiscal second quarter ended April 3, the company said sales were $332.9 million, up 90% from the prior year, and adjusted profits were 31 cents per share, versus a loss of 34 cents per share a year earlier.

Analysts had expected fiscal second-quarter sales of $248.41 million and an adjusted loss of 22 cents per share.

Reporting by Stephen Nellis in San Francisco; Editing by Leslie Adler

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