Sonos, the popular maker of premium home audio products, has reported its financial results for the third quarter of this year, showing $18.4 million in net income on $339.8 million in revenue. 

Revenue for the quarter went up 16% compared to the previous year while Sonos posted an $18.4 million profit compared to a net loss of $29.6 million in the previous year.

The third quarter of this year happens to mark Sonos’s fourth fiscal quarter and as such the end of its fiscal 2020. For the year, Sonos posted $1.3 billion in revenue and a net loss of $20 million. Annual sales went up by 5% year-over-year and also losses which shot up from $4.8 million in the previous year to now $20 million.

Sonos’s quarterly results showed a profit which is a rarity for the company. In reaction, the company’s stock shot up more than 27% during trading on Thursday.

Notably, Sonos is doing very well in the direct-to-consumer segment, with revenue from there rising 67% compared to the previous year. Strong direct-to-consumer sales have helped offset slowed physical retail sales due to the coronavirus pandemic’s effect on in-person shopping.

It’s such that Sonos’ share price has hit a 52-week high thanks to its rise on Thursday.

Photo: Sonos CEO Patrick Spence by collision.conf is licensed under CC BY 2.0

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