Sonos Inc's stock soared 15.04% during intraday trading on Wednesday, driven by the company's better-than-expected first quarter fiscal 2026 financial results and subsequent positive analyst actions.
The audio technology company reported quarterly adjusted earnings per share of $0.93, significantly beating the analyst consensus estimate of $0.64. Revenue came in at $545.662 million, also exceeding expectations. Adjusted EBITDA rose 45% year-over-year to $132 million, near the high end of the company's guidance range. Sonos highlighted the launch of its new Amp Multi product and indicated further product introductions are planned for later in the year.
Analysts reacted positively to the strong performance, with Morgan Stanley raising its price target on Sonos and Rosenblatt Securities maintaining a Buy rating on the stock, contributing to the bullish sentiment and the significant price movement.