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Sonos (SONO) Buys Netherlands-Based Mayht Holding for $100M

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Sonos (SONO - Free Report) recently acquired Netherlands-based Mayht Holding BV for nearly $100 million in an all-cash deal. The company will announce more details about the acquisition in second-quarter fiscal 2022 in May.

Mayht specializes in making ground-breaking audio transducers. Transducers are a device within the speaker that generates sound. Mayht has been working on advancing transducers technology to enable smaller and lighter form factors without impacting the quality, added Sonos. With Mayht Technology, Sonos is looking to enhance its product portfolio.

Headquartered in Santa Barbara, CA, Sonos manufactures smart speakers with immersive sound experience. The company leverages evolving consumer technology and entertainment trends to be on par with customers’ audio consumption patterns, largely characterized by the fast-tracked adoption of voice assistants and streaming services.

SONO is benefiting from robust demand for its products in the growing global audio market. Through a dynamic business model, Sonos sells its products through more than 10,000 third-party physical retail stores.

Sonos, Inc. Price and Consensus

 

Sonos, Inc. Price and Consensus

Sonos, Inc. price-consensus-chart | Sonos, Inc. Quote

 

The sound experience company is focused on its three strategic initiatives — the expansion of its brand, boosting its offerings and driving operational excellence. Expansion of direct-to-consumer efforts, extended partner ecosystem, continued launch of new products and services aid its growth strategy. The company expects to develop its long-term business roadmap by tapping new customers while diversifying its international presence.

Sonos delivered revenues of $664.5 million in the last reported quarter, up 3% year over year driven by robust demand for its products despite continued supply chain troubles stemming from the pandemic. The top line surpassed the consensus estimate by 3.8%.

Driven by strong quarterly results, Sonos raised the outlook for fiscal 2022. Sonos expects revenues to grow 14-16% year over year in the band of $1.95-$2 billion. Previously, management projected revenues to grow 12-16% year over year and reach $1.925-$2 billion.

At present, Sonos carries a Zacks Rank #3 (Hold). Shares of SONO have lost 36.6% against the industry’s fall of 15.7% in the past year.

Key Picks

Some better-ranked stocks from the broader technology sector are Broadcom (AVGO - Free Report) , Apple (AAPL - Free Report) and Synopsys (SNPS - Free Report) . All stocks carry a Zacks Rank of 2 (Buy) at present. You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.

The Zacks Consensus Estimate for Broadcom’s fiscal 2022 earnings is pegged at $35.49 per share, up 7.4% in the past 60 days. AVGO’s long-term earnings growth rate is pegged at 14.5%.

Broadcom’s earnings beat the Zacks Consensus Estimate in all the preceding four quarters, with the average being 1.9%. Shares of AVGO have increased 19.8% in the past year.

The Zacks Consensus Estimate for Apple’s fiscal 2022 earnings is pegged at $6.16 per share, up 0.2% in the past 60 days. The long-term earnings growth rate is pegged at 12.5%.

Apple’s earnings beat the Zacks Consensus Estimate in each of the last four quarters, with the average being 20.3%. Shares of AAPL have rallied 23.3% in the past year.

The Zacks Consensus Estimate for Synopsys fiscal 2022 earnings is pegged at $7.90 per share, up 1.5% in the past 60 days. The long-term earnings growth rate is 16.2%.

Synopsys’ earnings beat the Zacks Consensus Estimate in each of the last four quarters, with the average being 4.3%. Shares of SNPS have gained 18.3% in the past year.


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