Strategy in TECH...
Cambridge Audio announced today that it is adding the ability to bring VU meters and a clock display to another company model, the CXN100 Network Player, via an over-the-air (OTA) software update. And why are they doing this? The company says that the decision to expand the number of models to gain this feature was made “due to popular demand.”
Parasound has appointed Final Link Audio of Melbourne, Australia as its distributor for all of Australia and New Zealand. Final Link will offer all Parasound models, including their famous John Curl-engineered models.
At the recent 2024 Oasys Summit, I had the opportunity to meet with top Nationwide Marketing Group executives who were all directly involved in the birth of the Oasys Residential Technology Group, as well as the greater strategy of the Nationwide Drive to 1,000 initiative. I spoke with Dean Sottile, Andy Orozco, and Hank Alexander, each of whom offered interesting insights and perspectives on the progress of this grand adventure they have collectively embarked upon.
Sonos, Inc. (Nasdaq: SONO) announced today the long-awaited launch of its secretive new product targeted for a “multi-billion dollar category,” as Sonos CEO Patrick Spence is wont to remind us of frequently. One of the worst-kept, leakiest of launch secrets (probably intentionally so) in the industry, the company announced a new over-the-ear wireless headphone model featuring Dolby Atmos immersive sound and active noise cancellation called Sonos Ace.
But did the company Ace the test for turning around its deteriorating financial performance?
Sonos, Inc. (Nasdaq: SONO) announced its financial performance for the second quarter of Fiscal 2024, the period that ended on March 30, 2024. The numbers, as we’re seeing more consistently across a wide variety of consumer brands, were rough…really rough. Revenues in the quarter declined a nasty 16.9% and the company’s Net Loss more than doubled, increasing by a scary 127%.
Yet CEO Patrick Spence claimed in a statement that “…we delivered results that slightly exceeded our expectations…” Either they were expecting a really devastating result, or I’ll have whatever he’s having!
Masimo Corporation (Nasdaq: MASI), yet another company in Tech that reported their financial results for the first quarter of Fiscal 2024 after the close of business on Tuesday, revealed that both revenues and profits had declined double-digit percentages in the quarter. What was remarkable about this result is that Masimo CEO Joe Kiani said in a statement in the release about the Q1 results that the company is “reaching a steady state.”
Investors apparently didn’t see it that way, as shares in MASI stock dropped almost 12% on Wednesday, the next trading day after the announcement.
A Federal jury in the U.S. District Court for the Southern District of New York delivered a verdict against Lutron Electronics Co., finding that it had infringed on a window shade patent held by GeigTech East Bay, a South Carolina company. The jury awarded GeigTech $34.6 million in damages for Lutron’s infringement, a figure that Lutron called “grossly excessive.”
On Tuesday this week, a previously announced program being offered by Snap One – now Resideo – has begun. This program, called Control4 Connect, is a mandatory program that requires all integrators to connect all new client installations of Control4 products directly to Snap One’s central station for future software updates and data collection.
It is a new kind of transactional connection that establishes a direct relationship with the client for direct-to-user system updates and base-level client support supplied – not by the local integrator – but by Control4 support.
Residential construction, known as housing starts, dropped in March by a surprising double-digit percentage. Most industry analysts believe that the slowdown is due to stubborn inflation readings motivating the Fed to keep interest rates high which is affecting mortgage rates and home affordability.
After solid gains in February raised hopes in the segment, the March numbers were a chilling splash of reality as home inventory is low and mortgage rates are high.
Frank Sterns, a well-known and highly regarded (some would say renowned) industry executive, has been retained to consult on custom integration matters with Nationwide Marketing Group. Clearly a sign of just how serious the large diversified Nationwide organization is about targeting custom integration, Sterns brings a wealth of Grade A experience as a leader in the custom integration space.
