: Sonos stock tanks 21% after audio equipment maker cuts guidance on ‘softening demand’

Shares of Sonos Inc. SONO dropped more than 20% in the extended session Wednesday after the maker of audio products beat expectations for its fiscal second quarter but cut guidance for the year due to “softening consumer demand.” Sonos lost $31 million, or 24 cents a share, in the quarter, swinging from earnings of $8.6 million, or 6 cents a share, in the year-ago quarter. Adjusted for one-time items, Sonos earned 4 cents a share. Revenue fell 24% to $304.2 million, the company said. FactSet...