Despite the ongoing component shortage, Sonos reported record revenues for the quarter ending December 31, 2021. The firm posted a net income of $123.5 million on revenues of $664.5 million, the latter of which was up 3.5 percent year-over-year.
“We are pleased to report that Sonos had another excellent quarter, with record-setting revenue of $664.5 million,” Sonos CEO Patrick Spence said. “Importantly, we believe that we would have sold much more but for chip shortages that constrained our supply, as demand was, and continues to be, strong.”
Sonos credited both new and existing customers for its growth, and it noted that it has “a terrific product roadmap ahead to delight existing customers and attract new ones.” The firm says that it controls just 2 percent of the global audio market, so it sees plenty of headroom.
Sonos is, of course, involved in a high-profile legal battle with Google, which it accuses of stealing its proprietary smart speaker technology. It’s fair to say that that battle is going well for Sonos, with the ITC ruling in January that Google’s smart speakers and other products infringe on five Sonos patents.