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VOXX Reports Fiscal ’24 Q3 Results, Cites a ‘Slowing’ Economy & ‘Continued Softness’

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New VOXX product, the Klipsch Flexux powered by Onkyo

VOXX Stock Loses Over 12% of Its Value the Next Trading Day

After the close of markets on Tuesday, VOXX International Corporation (NASDAQ: VOXX) released its Fiscal 2024 third-quarter financial results for the period ending November 30, 2023. Citing continued challenging macroeconomic conditions in 2023, the company reported that its third-quarter sales declined 5.4% and net income dropped 74.3%. CEO Pat Lavelle, who was participating in an analyst conference call on its earnings by phoning in from CES 2024, started his presentation somberly, saying to analysts that, “2023 has been tough for everyone, not just Voxx. Our entire industry has had a very challenging year.”

Learn more from the VOXX fiscal ’24 3rd quarter earnings report

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Savant Acquires Long-Time Partner J Geiger Shading

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Savant demos Apple air tag triggering an automation controlling shades
At CEDIA Expo ’23 Savant showed a J Geiger motorized shade controlled by Apple Air Tags triggering an automation [click to enlarge]

Savant Systems, Inc., a leading provider of control, home automation, smart home, and smart power solutions, announced on Monday that it has acquired the assets of J Geiger Shading, a leading provider of architecturally conscious shading products. The two companies have had an ongoing association for several years now, and this new transaction brings J Geiger products under the Savant umbrella.

See more on Savant acquiring the assets of J Geiger Shading

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Nice and FSI, A Private Equity Group, Finalize a Strategic Partnership

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New Nice headquarters in Brazil
New Nice headquarters in Brazil [Click to enlarge]

Nice, a multi-national company based in Italy with a portfolio of Home Management and Building Management brands (including former Nortek Security and Control brands) and its primary shareholder BeNice Holding, has finalized a strategic partnership with FSI, an Italian private equity investment company. This partnership was first announced in August as part of a capital investment by FSI and has now fully closed.

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With Streaming Still Struggling, Spotify Announces 3rd Round of Layoffs

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Spotify's Daniel Ek, CEO & Co-Founder

Spotify Technology, S.A. announced that it will lay off approximately 1,500 employees, or about 17% of its entire staff. The company says the cuts are necessary to adjust operations for a very different operating environment than it anticipated when it built staff to drive growth in 2020 during the pandemic.

These are not its first layoffs in 2023…

See more on the Spotify layoffs

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WiSA Fiscal ’23 Q3 Revenues Drop 18%, Net Loss Deepens; New Nasdaq Violations

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WiSA graphic of its fiscal 2023 third quarter financial results

Earlier this month, WiSA Technologies released its Fiscal 2023 third-quarter earnings report and it was not a pretty picture. Still, company CEO Brett Moyer struck an optimistic tone and said its results were “better than expected.” Then he shifted attention to a focus on the company’s latest WiSA E technology which he suggests is making huge positive gains that point to a brighter future.

Can investors ignore the messy present financial condition…to hold on for a – maybe – brighter tomorrow???

Is WiSA delusional…or on to something?

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Sonos Q4 & Full Year 2023 Results Show Post-COVID Drop in Demand

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Sonos Q4 and Fiscal 2023 earnings

Fiscal 2023 Total Sales Drop 6%…Installer Sales Decline 7%

After the close of markets on Wednesday, Sonos released its Fiscal 2023 fourth quarter (Q4) and full-year results. As one of the industry’s top consumer brands, Sonos’ latest quarterly and full-year earnings put the post-COVID strain in full display as the company was hit with both sales and profit declines even though it took aggressive steps to adjust to an adverse consumer market.

The company says loyal customers are its greatest buffer against macroeconomic headwinds, but those headwinds were particularly daunting in 2023.

See more on the Sonos Fiscal 2023 Q4 and Full Year results

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Snap One Fiscal ’23 Q3 Shows Recurring Story of Sales Decline & Losses Improve

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Snap One earnings report cover

Company Still Pitches ‘Destocking’ & ‘Descoping’

Last week, Snap One Holdings Corporation (Nasdaq: SNPO) reported its Fiscal 2023 third-quarter results, and it seemed to me like we’ve seen this movie before. In a nutshell, the company’s net sales declined and its net losses decreased. These are virtually the same trends we saw last quarter (Q2) and even the quarter before that. In fact, the company first talked about elements of these trends in the fourth quarter of 2022.

Learn more about the Snap One fiscal ’23 Q3 results

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Masimo Says Fiscal ’23 Q3 Results Hit By Tough Post-COVID Trends & Slack Consumer Demand

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Masimo cover page of its Fiscal 2023 Q3 earnings report

Double-Digit Percentage Declines in Revenues & Profits

Without a doubt, Fiscal 2023 has been a challenging year for Masimo in many ways. And this week, as the company reported its results for the third quarter (Q3) that ended on September 30, 2023, that reality couldn’t be any clearer. With revenues down 13% and net income down more than 72%, about all the company could say is – wait until next year…it is going to be great.

Learn more about the Masimo fiscal ’23 Q3 earnings report

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Emerald Reports Fiscal ’23 Q3 Revenues are Up $10M; Profits are Down $82.3M

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Emerald quarterly report cover

Content Biz Declines; Company Announces Restructuring of Content Unit

Noting solid gains in their trade show segment, Emerald Holding, Inc. (NYSE: EEX) management proclaimed satisfaction with their fiscal 2023 third-quarter results. However, while the tradeshow business – the segment containing its CEDIA Expo show – saw a post-COVID increase in attendance and revenues, all was not rosy, as the company reported a dramatic drop in profits. Not only that but continued trouble in its content business – the segment with its CE Pro and Commercial Integrator (and other media brands) properties – saw revenues decline and even forced the company to revise its overall annual financial guidance downward.

See more on CEDIA Expo- and CEPro-owner Emerald Holding’s results

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WiSA Stock Value Crashes on News of New Stock Issue & Possible ‘Strategic Transaction’

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Image from WiSA website

Current Stock Price Violates NASDAQ Listing Rule…Again

On Monday, WiSA Technologies, a developer and licensor of spatial, wireless sound technology, publicly announced the pricing of a new $4.8 million public offering of Series B convertible redeemable preferred stock and warrants. Separately, and a little less publicly, the company also filed a Form 8K with the Securities and Exchange Commission (SEC) revealing that it is “pursuing a potential strategic transaction.”

The result of both of these pieces of news is that the company’s stock value nosedived as investors turned thumbs down on this latest turn of events at the troubled organization.

See more on the new WiSA problematical issues

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