- Stocks of Niu Technologies (Nasdaq: NIU) and Sonos Inc (Nasdaq: SONO) were trading higher on Monday morning.
- Niu reported strong second-quarter results, Sonos announced progress in a patent case against technology giant Google.
- The net income of the Chinese company was US$14.17 million, up 61.6 percent YoY. It sold 252,998, 58 e-scooters to date.
Stocks of Niu Technologies (Nasdaq: NIU) and Sonos Inc. (Nasdaq: SONO) were trending on Wall Street Monday after the former reported solid June quarter earnings and the latter announced progress in a patent case with Google.
NIU stock surged 1.55 percent to US$21.60 at 8.52 am ET, while Sonos stock jumped 9.20 percent to US$41.645 at 10.31 am ET on Monday.
The following are some of the latest developments of the two companies.
Niu Technologies (Nasdaq: NIU)
The urban mobility solutions company’s total revenue was up 46.5 percent YoY to US$145.85 million in Q2. The gross margin was 22.7 percent compared to 23 percent in Q2 the previous year.
The net income of the Chinese company was US$14.17 million, up 61.6 percent YoY. It sold 252,998, 58 e-scooters to date. The adjusted net income was US$0.19 per share for the quarter. However, the stock fell 24.19 percent YTD.
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The market capitalization of NIU is US$1.6 billion. The P/E ratio of the automobile company is 60.77 and the forward P/E one year is 40.13. The earnings per share (EPS) is US$0.35. The highest and lowest stock price of the electric scooter company for the past 52 weeks is US$53.38 and US$1737.
Sonos Inc. (Nasdaq: SONO)
The wireless audio company has won the first round in a patent case against technology giant Google Inc. The judge found that Google broke the law regarding five Sonos patents. The ruling was just one step away from victory. After a final verdict in December, Google might have to stop selling products like smartphones, laptops and, home devices in the US market.
Sonos’ net loss was US$17.8 million in Q2 reported on August 11. The EPS for the period was US$0.12 per share. The adjusted EBITDA rose to US$46.7 million. The total revenue increased to US$378.7 million, up 45 percent YoY.
The market capitalization of SONO is US$5.2 billion. The P/E ratio of the home audio system maker is 29.97. The forward P/E one year is 31.52. The EPS is US$1.40. The highest and lowest stock price of SONO was US$44.72 and US$12.40. The stock price of SONO jumped 80.72 percent YTD.
Google has been accused of using SONO technology since 2015 when two tech companies were trying to integrate Google music into Sonos systems. However, the tech giant has denied the allegations.
Sonos expects revenue growth of 28-29% to around US$1.6-1.7 billion in the fiscal year 2021. NIU also expects solid Q3 and 2021 results. The continuous improvement in the economy is expected to contribute to their growth.