Sonos Surges as Smart Speaker Maker Plots Shift Into Headphones
- CEO tells analysts that company is entering major new category
- Sonos also is trimming positions in product development
Sonos shares jumped as much as 18% to $13.38 Thursday morning in New York, the biggest intraday gain since February.
Photographer: Gabby Jones/BloombergThis article is for subscribers only.
Sonos Inc. shares rallied the most in nine months on Thursday after the company announced plans to expand into a “major” new product category, which is widely seen as the headphone market.
Following quarterly results Wednesday, Chief Executive Officer Patrick Spence said the company will be rolling out a lucrative new product in the coming months — without saying what it is. Bloomberg has reported that Sonos has been working on headphones for more than four years, though the company has yet to announce a product.