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Another Round of Sonos Layoffs at a Critical Moment; 12% of Staff is Cut

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Consumer using Sonos products

Sonos has announced that it is launching yet another reorganization (it had one in 2024, and another one before that in 2023) with a “reduction in force” this time impacting 12% of its entire workforce. It seems remarkable that at a time when it continues to struggle to extricate itself from the La Brea tar pits it fell into via 2024’s app disaster, one of its first solutions is to let people go. More than 1 out of every 10 employees has been terminated to “…improve the Company’s operating model and cost structure to set the Company up for long-term success.”

See more on the Sonos layoffs

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Another Sign of Rising Consumer Pessimism – the U of M Index of Consumer Sentiment

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Another sign of a deteriorating consumer outlook arrived last Friday in the form of the Index of Consumer Sentiment (ICS), another highly respected data resource from the University of Michigan that is widely followed by economists, financial analysts, Wall Street, the Federal Reserve Board, government officials, the media, and more. Widely viewed as a reliable indicator of how consumers are feeling about their current circumstances, as well as their outlook for the future, and their expectations for inflation – it is a leading indicator of future economic direction.

The preliminary result of the ICS for February registered a significant drop in consumer sentiment. What is spooking consumers?

See more on the February Index of Consumer Sentiment decline…

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Sonance Names Tyler Kungl as VP of Luxury Residential Sales

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Tyler Kungl, New Sonance VP of Luxury Residential Sales

Sonance announced on Wednesday that it has named Tyler Kungl as Vice President of Luxury Residential Sales. Another in a series of recent hires, Sonance looks to be on the move, strategically increasing market presence and dealer support for various markets, both domestic and international.

Learn more on this Sonance appointment of Tyler Kungl

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Voxx Total Company Value Falls Below Book; Takes Big Write-Downs to Over-Valued Assets

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Voxx investor relations page. Company is being acuired by Gentex Corp.

In New SEC Filing, Company Reveals Onkyo, Rosen, and VSM No Longer Have Any Goodwill

Voxx International Corporation (Nasdaq: VOXX) has released its Form 10-Q report to the Securities and Exchange Commission (SEC) revealing its financial results for its third quarter – the 90-day period ending on November 30, 2024 – as well as the year-to-date nine-month period ended the same date for Fiscal 2025. It is a sobering report of a company struggling to get to the altar with Gentex while its financial foundation is increasingly shaking.

The surprising results answer some questions, yet raise others as revenues continue to decline and losses mount.

Learn more about Voxx’s current financial situation…

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ProSource Drops Premium Audio Company from Assortment

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ProSource experience center

BREAKING NEWS

On Wednesday, ProSource CEO Jim Pearse notified members of one of the industry’s largest dealer buying groups that Premium Audio Company – a subsidiary of Voxx International Corporation that oversees its audio brands Onkyo, Integra, and Klipsch – is being dropped from its assortment. This is big news and comes at a difficult time for Voxx which is in deep due diligence for its acquisition by Gentex Corp.

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Gentex – Soon to be Owner of Voxx, Onkyo & Klipsch – Reports 4Q & Full Year Results

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Gentex CES booth
Gentex at CES

Gentex Corporation (Nasdaq: GNTX) announced its financial results for the fourth quarter (4Q) and full year (FY) of Fiscal 2024. The results spooked investors as the company appeared to be cruising to a solid, probably single-digit growth year through the first three quarters. In fact, the company was predicting a year of record net sales through the first nine months of 2024. Then…the fourth quarter happened…

Analysts on an earnings call had a lot of questions about management’s guidance miss, the reasons for the performance decline at the end of the year, and what the company plans to do with Voxx when the deal finally closes.

See more on the Gentex results for 2024 and what happened in the 4Q…

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Highly Esteemed PR Executive Peter Hoagland Dies

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Peter Hoagland at a past show
[Photo: Courtesy of Secrets of Home Theater & HiFi]

I’m sorry to report that highly esteemed marketing and PR executive Peter Hoagland has died. The cause of his death was Glioblastoma (cancer of the brain), an illness he fought since his retirement four years ago. Hoagland’s 40+ year career in consumer electronics – where he helped an almost uncountable number of brands achieve greater success – has resulted in his influence reaching far and wide throughout our industry. Many industry folks know Peter and know him well, as evidenced by the many tributes to him popping up all over social media.

Learn more about the life of Peter Hoagland

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NASDAQ Warns VOXX It’s Out of Compliance with Listing Rules

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Image of Nasdaq tower

Voxx International Corporation (Nasdaq: VOXX) revealed on Friday that it has received an official notification from the Nasdaq Stock Market LLC (Nasdaq) informing the company that the fact it has failed to timely file its Quarterly Report on Form 10-Q for the period ending November 30, 2024 means that it is out of compliance with Nasdaq Listing Rule 5250(c)(1). The company said it had received Nasdaq’s official compliance notice on January 28, 2025.

See what the Nasdaq warning means for Voxx…

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Director Robert Chapek Resigns from the Masimo Board of Directors

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Robert Chapek, current Masimo director who has resigned

On Friday, Masimo Corporation (Nasdaq: MASI) notified the Securities and Exchange Commission (SEC) that current director Robert Chapek has tendered his resignation from the Masimo Board of Directors. According to the SEC filing, his resignation is effective as of the date of the 2025 annual meeting, an event that has yet to be scheduled.

Learn more about the resignation of Masimo Director Bob Chapek

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Consumer Confidence Drops in January as Consumers Turn Pessimistic

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The Consumer Confidence Index (CCI), one of two major indexes tracking consumer sentiment on the U.S. economy, dropped in January, following what appeared to be a turning point to the negative side in late December. The CCI, a monthly survey of consumers conducted by The Conference Board and widely followed by economists as a reliable gauge that probes consumers’ thoughts on the economy – both in a rating of their present conditions…and in their rating of the near-term future prospects.

What does this unexpected decline mean for the economy?

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