=Sonos (SONO) reported earnings on Thur 9 May 2019 (a/h)

Sonos beats by $0.13, misses on revs; reaffirms FY19 guidance

• Reports Q2 (Mar) loss of $0.22 per share, $0.13 better than the S&P Capital IQ Consensus of ($0.35); revenues rose 12.6% year/year to $210.2 mln vs the $213.42 mln S&P Capital IQ Consensus. In Q2 FY2019, the largest drivers impacting our year-over-year revenue growth were the Sonos Beam, Sub and Amp. Beam's continued strength contributed to a 57% increase in home theater speaker products sold and a 29% increase in home theater speakers revenue. The Sonos Amp, which became generally available in Q2 FY2019 after a limited supply introduction in Q1, reinvigorated the components category, driving 19% unit growth and 33% revenue growth in the quarter. gross margin of 43.0% exceeded quarterly expectations. Despite a significant mix shift to recently launched products such as Beam, AMP and Sonos One, gross margin was only 60 basis points lower on a year-over-year basis due to supply chain efficiency and progress in mitigating component pricing pressure
• Co reaffirms guidance for FY19, sees FY19 revs of $1.25-1.275 bln vs. $1.25 bln S&P Capital IQ Consensus; EBITDA $83-88 mln.