Sonos Inc (NASDAQ: SONO) stock price plummeted by 5.02% in Friday's intraday trading session, as the audio equipment company reported disappointing financial results for the full year 2024.

The company's revenue for the year declined by 8.3% to $1.52 billion, compared to the previous year. More significantly, Sonos reported a net loss of $38.1 million, a substantial widening of 271% from the previous year's loss. The earnings per share (EPS) also missed analyst expectations, coming in at a loss of $0.31 per share, further deteriorating from a loss of $0.08 per share in the previous year.

While revenue was in line with analysts' estimates, the missed EPS expectations and the significant increase in net loss seem to have spooked investors, leading to the sharp decline in the stock price. The company's forward revenue growth forecast of 4.0% per annum over the next three years also fell short of the industry average of 5.8%, adding to the concerns about Sonos' future performance.