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Sonos: Fiscal 1Q Earnings Snapshot

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SANTA BARBARA, Calif. (AP) _ Sonos Inc. (SONO) on Wednesday reported fiscal first-quarter net income of $132.3 million.

On a per-share basis, the Santa Barbara, California-based company said it had profit of $1.01. Earnings, adjusted for one-time gains and costs, were $1.17 per share.

The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 84 cents per share.

The maker of wireless speakers and home sound systems posted revenue of $645.6 million in the period, which also beat Street forecasts. Three analysts surveyed by Zacks expected $590.4 million.

Sonos expects full-year revenue in the range of $1.53 billion to $1.58 billion.

Sonos shares have increased 35% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $31.50, more than doubling in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SONO at https://www.zacks.com/ap/SONO