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Sonos Stock Drops 25% as Fiscal 2023 2nd Quarter Hit By Slackening Demand

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Sonos fiscal 2023 second quarter results image

After the close of the stock market Wednesday, Sonos, Inc. released its fiscal 2023 second quarter (Q2) financial results. The numbers were pretty rough, but the company had previously adjusted its forward forecast downward. Yet even though the company’s latest Q2 numbers beat analysts’ revenue forecast and were in line with their guidance, the market reacted negatively. How negatively? Sonos’ stock lost more than 25% of its value on the day after the Q2 earnings were announced.

Why such a strong reaction? Read on…

See why investors were spooked after the Sonos earnings report

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Masimo Reports Fiscal ’23 First Quarter Results; Stock Slides on Margin Decline

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How Did Masimo Consumer – aka Sound United – Perform?

Masimo Corporation (NASDAQ: MASI) released the financial results for its first quarter of fiscal 2023 (the quarter that ended on April 1, 2023), and at first glance, the numbers looked pretty good. The company reported revenues grew by an eye-popping 87.5% over the same quarter last year, a number that beat analysts’ estimates. Not only that, but the company delivered adjusted earnings per share of $0.87, which were also well over analysts’ projected adjusted earnings per share of $0.83.

Yet Masimo stock value crashed by more than -5¼% after the announcement. Why?

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Masimo v. Apple – Judge Declares a Mistrial as Jury Hopelessly Deadlocked

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Masimo W1 smartwatch
Masimo W1 smartwatches, note sensors on the back

BREAKING NEWS

In a result likely to be viewed by many as anti-climatic, U.S. District Judge James V. Selna has declared a mistrial in the matter of the $1.8 billion trade secret lawsuit between Masimo Corp. et al vs. Apple Inc. et. al. And while I am sure that both sides are disappointed that they failed to prevail, both can take away some positive elements from this null decision that will most likely inform their approach in a new trial.

See more on Masimo v. Apple

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Audio Research Corporation Files Court Docs to Enter Form of Receivership

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Audio Research Corporation amplifier

Another storied high-end audio brand has seen itself fall into hard times. Audio Research Corporation of Maple Grove, MN has filed paperwork with Minnesota District Court to start a form of the receivership process known as an Assignment for the Benefit of Creditors.’

Learn more about receivership for Audio Research Corp

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Judge Cuts Masimo Claims in Half From $3.1B to $1.8B; Jury is Now Deliberating

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Masimo W1 smartwatch

BREAKING NEWS

In more late-breaking news from the Masimo v. Apple trade secrets trial, we learn that U.S. District Judge James V. Selna has cut Masimo’s trade secrets claims in half, down from twelve initial claims to now six viable claims. Based on the expert estimated value of the claims cut, that takes this case from one valued at $3.1 billion in damages to one now valued at $1.8 billion.

See more on this late-breaking Masimo v. Apple trial news

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In Masimo v. Apple Trial Twist, Jurors Suddenly Learn Apple Hired Many Masimo Employees

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Apple Watch

Closing Arguments Began Wednesday

In a surprising and rather dramatic late-trial incident, an Apple witness violated a pre-trial order from U.S. District Judge James V. Selna meant to limit the amount of evidence to be presented, and – upon a motion from Masimo – he reversed that order, allowing Masimo to reveal more evidence potentially detrimental to Apple. Specifically, jurors learned that Apple had not just hired two Masimo executives as they had been told, but rather, the tech giant had hired as many as five more (for a total of seven) employees away from Masimo.

Learn more about a surprising turn in Masimo v. Apple

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Crestron Elevates John Clancy to Chief Sales Officer

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John Clancy, Crestron Chief Sales Officer

Crestron Electronics announced today that John Clancy, the current Executive Vice President of Residential, is being elevated to Chief Sales Officer, effective immediately. As the company’s top sales executive, the company says that Clancy “will lead and unify the global Crestron sales organization to drive market growth and enhance customer satisfaction.”

Learn more about the new role for John Clancy at Crestron

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Nice Appoints Mark Ohlwiler as Regional Sales Manager

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Nice logo

Nice North America announced this week that it has appointed Mark Ohlwiler as its new Regional Sales Manager in the West region. Ohlwiler’s appointment was effective as of April 3, 2023.

Learn more about this appointment of Mark Ohlwiler by Nice

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Masimo vs. Apple Trial Starts Today – Judge Tells Jurors to Leave Their Apple Watches at Home

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Apple watch showing blood oxygenation feature

Its Biggest Battle Yet with the World’s Largest Tech Corp

As I write this post on Wednesday, it is the opening day of the patent infringement and trade secrets trial based on a lawsuit filed by Masimo Corporation [NASDAQ: MASI] and Cercacor Laboratories, Inc. (a Masimo-affiliated company) versus Apple, Inc. [NASDAQ: AAPL]. You could call it David vs. Goliath, as tiny Masimo tangles with Apple, the largest corporation in the world. This lawsuit was originally filed back in January 2020 by Masimo who claims that Apple has misappropriated trade secrets by hiring former Masimo employees and stealing Masimo patented technologies, valuable intellectual property (IP) they consider trade secrets, for use in Apple products.

Learn more about Masimo vs. Apple…

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Japan-Based OLED Manufacturer JOLED Files for Bankruptcy

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Photo of JOLED factory

JOLED, a Japanese manufacturer of OLED-based panels and products that was formed by the merger of the OLED divisions of both Panasonic and Sony, filed for bankruptcy protection in the Tokyo District Court on Monday. According to the filing, the company reported that it has debts totaling ¥33.7 billion ($257 million).

Learn more about the bankruptcy of JOLED…

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