On Monday, Emerald Holding, Inc. (NYSE:EEX) (Emerald), one of the nation’s leading business-to-business exposition companies and owner of the CEDIA Expo event and CEPro trade magazine, announced the results for their fiscal second quarter, the period that ended on June 30, 2022. The results showed a rebounding top line, with revenues increasing 376% over last year’s COVID-impacted quarter – while the company still booked a net loss, although less of a net loss than in the same quarter last year.
Late last week, Sony Group announced that they were cutting their net profit forecast for the current fiscal year, fiscal 2022 which ends March 2023. Why are they trimming their profit expectations? It appears that Sony is experiencing its version of a post-COVID Peloton/Netflix sales decline as video game sales are weakening and its costs related to a recent acquisition are rising.
See more on the declining profit forecast at Sony[Read more…] about Gettin’ Tough Out There – Sony Cuts Net Profit Outlook for Current Fiscal Year
Shizuoka, Japan-based Yamaha Corporation – the world’s largest musical instrument maker that also offers pro, commercial, and residential audio gear is warning markets that the global chip shortage – while improving marginally lately – is still creating challenges that constrict manufacturers’ ability to achieve production goals. It is the first such warning I’ve seen from a company well known for acoustic pianos – but whose electronic instruments and audio gear generate more revenue.
See more of what the Yamaha President had to say about chips[Read more…] about Yamaha Corp Warns of Continuing Chip Shortage
VOXX International Corp. announced its fiscal 2023, first-quarter results late Monday, reporting that it saw sales declines, deepening operating losses, and a swing to a net loss in the quarter. Shares in VOXX declined 9.44% in value in trading Monday – and after-hours trading in the early evening pointed to another nearly 3% decline in shares. By comparison, the S & P 500 saw overall shares decline 1.15% on Monday.
Learn all about the VOXX FY2023/Q1 results[Read more…] about VOXX Fiscal ’23 Q1 Results Decline; Blames Chip Shortage, Retailer Over-Inventory
Is an Industrywide Slowdown in Tech Beginning?
Samsung Electronics is taking action to hold back on procurement orders and asking suppliers for concessions, such as delayed deliveries, order reductions, and more in the wake of a concerning buildup of inventory. While the action is said to be temporary, concerns over a slowing global economy make it difficult to determine how long the company will deem these actions are necessary.
See more on Samsung’s actions to cut inventory buildup[Read more…] about With Demand Slack & Inventory Levels Building, Samsung Cuts Procurement
Highlander Partners, L.P., a Dallas-based private equity company, announced today that it has acquired McIntosh Group, a manufacturing and distribution company that offers several high-performance, high-end audio brands such as McIntosh, Sonus Faber, and Sumiko. It also operates under Fine Sounds U.K. and Fine Sounds Benelux.
Read more on the latest change of hands for McIntosh Group[Read more…] about Like a Cat with 9-Lives, McIntosh is Once Again Acquired by a Private Equity Company
>Consumer Sentiment Hits Record Low in June
Things are changing in the economy faster now, causing a dramatic uptick in economic anxiety. The fuse was lit last Friday when the latest government data showed that inflation increased to 8.6% in May compared to last year. The reading on inflation had been widely expected by most economists to drop a point or two from the 8.3% rate of inflation reported in April. The news sent Wall Street into a tailspin as traders interpreted the increase in inflation as a heightened risk of recession.
See more on changing economic trends, like inflation[Read more…] about Economic Anxiety Builds with Unexpected Jump in Inflation in May; Stocks Turn Bearish
Almost weekly now, we are regularly seeing new data showing the dramatic slowdown of the housing market. A case in point is the latest data from the Mortgage Bankers Association which tracks the weekly demand for mortgages for both home purchases and for refinancing. The Association reported that its index hit its lowest level in demand for mortgages in 22-years.
See more on the slide in mortgage demand[Read more…] about Mortgage Demand Drops to Its Lowest Level in 22-Years
At the end of last week, Snap One Holdings Corp. released the results of their fiscal 2022 first quarter, a period which ended April 1, 2022, with comparisons to the same quarter last year, which ended on March 26, 2021. The company showed good revenue growth in the quarter but is still dealing with a net loss – albeit less of one than in 2021.
See the details on the Snap One fiscal Q1 results[Read more…] about Snap One Fiscal 1st Qtr Results Show Good Revenue Growth, But a Net Loss
On Monday, I received a note from Premium Audio Company regarding my post on the bankruptcy of Onkyo Home Entertainment Co. Ltd. In this note, the company sought to get the message across that the Onkyo bankruptcy has nothing to do with them and that the Onkyo brand lives on under the guidance of its new owner, Premium Audio Company, a subsidiary of VOXX International.