Sonos boosts sales outlook despite global chip shortage, shares rise

Connected speaker maker Sonos Inc on Wednesday raised its annual sales forecast above Wall Street expectations as the company said it believes it can beat a global chip shortage to keep shipping products, sending shares up as much as 14%.

In an interview with Reuters, CEO Patrick Spence said Sonos has direct relationships with its chip suppliers and started ramping up its orders for semiconductors last year. He said Sonos believes it can work through supply shortages to meet the new forecast and ship its Roam portable speaker.