Audio hardware firm Sonos published its latest financial results yesterday, and they were good ones. The company’s revenues grew by 90% year-on-year to $332.9m in Q1 (its fiscal Q2), helping it to record a net profit of $17.2m compared to the $52.3m loss in Q1 2020.
Sonos CEO Patrick Spence said the company still has plenty of room to grow. In its current financial year, it expects to account for “only approximately 9% of the total spend in the $18 billion premium home audio market, and an even smaller fraction of the broader $89 billion global audio market we expect to expand into over the long-term”.
Spence later elaborated on that to analysts in the company’s earnings call. “As of the end of fiscal 2020, we were in 11 million homes, or approximately 9% of the 116 million affluent homes we believe are most addressable for us today in our existing markets,” he said. “We have a tremendous runway to add tens of millions more households to the Sonos ecosystem.”
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