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

Shares of Sonos Inc. dropped more than 20% in the extended session Wednesday after the maker of audio products beat Wall Street expectations for its fiscal second quarter but cut guidance for the year due to “softening consumer demand.”

Sonos SONO 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…