Stock repurchase programs are typically viewed as a positive development by investors, as they can indicate that a company's management believes the stock is undervalued. By reducing the number of shares outstanding, buybacks can increase earnings per share, which is a key metric for valuing a company's stock. The announcement of a new buyback program, especially following the completion of a previous one, suggests that Sonos is confident in its financial health and future prospects. This can lead to increased investor confidence and a potential short-term rise in the stock price.