Why Sonos Stock Was Moving Higher Today

Shares of Sonos (SONO 5.19%), the maker of Bluetooth-enabled sound bars, speakers, and other audio equipment, were moving higher today after the company delivered better-than-expected results in its fiscal first-quarter earnings report. The company also said it would cut 12% of its workforce as part of an ongoing restructuring, as sales are still declining even as it beat estimates.As of 3:01 p.m. ET, the stock was up 4.5% on the news after gaining as much as 10% earlier in the session. Sonos clears the bar ...