Sonos Inc SONO shares are trading higher Thursday after the company reported better-than-expected financial results and announced a buyback. Gross margin came in at 42%, up 270 basis points on a year-over-year basis. Sonos generated $12 million in free cash flow during the quarter. "While it was a challenging year in the categories in which we play, the strength of the Sonos brand and product portfolio enabled us to retain a strong market share position," said Patrick Spence, CEO of Sonos. Outlook: Sonos anticipates full-year 2024 revenue of $1.6 billion to $1.7 billion versus estimates of $1.71 billion. "As we enter Fiscal 2024, we are laser focused on execution and positioning our business to return to top and bottom line growth when conditions improve," Spence said. Sonos also said its board authorized a $200 million stock repurchase program. The buyback has no time limit and can be discontinued at any time.