On Tuesday, Sonos, Inc. [Nasdaq: SONO] reported its first quarter, fiscal 2024 results for the period that ended December 30, 2023. While the actual numbers were a bit of a mixed bag with revenues down – even though the company embarked on a strong holiday promotional push – the company booked strong gross profit improvements and generated more cash beating Wall Street estimates. This resulted in a big jump in its share price on the next trading day.
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[Read more…] about Sonos Q4 & Full Year 2023 Results Show Post-COVID Drop in Demand
Last week, Sonos quietly let the Securities and Exchange Commission know that Panos Panay resigned from the Sonos board of directors, effective September 27, 2023. They made no public announcement that I am aware of, even though this news could have a major impact on the company’s direction. Why? Simply because Panos Panay is one of the most respected technology product gurus in the industry – so much so that Sonos trumpeted his arrival loudly when they convinced him to join their board in 2020.
Separately, and within just days of the exit of Panay, the company announced three “new” (I’ll explain the quotes around the word new below) additions to its executive team, including a new, promoted from within, Chief Product Officer…
See more about the departure of Panay from the Sonos board, and its new additions[Read more…] about Tech Guru Panos Panay Resigns from Sonos Board; Co. Intros ‘New’ Execs
Revenues Up 3%, But Net Income Drops 6.7%
Sonos Inc. released the results for their fiscal 2022 first quarter on Wednesday and the results were mostly mixed. While a quarterly revenue record was set, net earnings dropped. CEO Patrick Spence called it “an excellent quarter, with record-setting revenue” but the tone of the company’s management seemed slightly more muted on a conference call with financial analysts as compared to previous such events. Perhaps this was because their financial performance was slightly more muted as compared to past quarters.
See more on the Sonos finanical results for Q1 2022[Read more…] about Sonos Has Another Record Quarter…But Just Barely
On Tuesday, Sonos held a major investors event that started off with the introduction of their new Roam portable speaker. But the real purpose of this event was to provide investors information on their financial performance. And stock analysts and the media got quite a show – and a few surprises – as the company revealed their formula for success.
Learn what Sonos says is their success formula…[Read more…] about Sonos Car Audio and Other Surprises at Investor Event
But Is Everything Really as Good as It Looks?
Sonos, Inc. [NASDAQ: SONO] released their fourth quarter and full year financial results for fiscal 2020. Their performance pleasantly surprised Wall Street and their stock value exploded well over 20% in Thursday trading as the company exceeded analysts’ estimates for both revenue growth and profits. But is everything as it appears here?
See more on Sonos financial results…[Read more…] about Sonos is Getting Hooked on D2C Biz; Revenues & Profits Exceed Expectations
Many Thought the Pandemic was Sonos’ Moment to Shine…Apparently Not to Be
Although Sonos CEO Patrick Spence and CFO Brittany Bagley both proclaimed that the Sonos fiscal Q3 results were “better than expected,” the fact that they reported that revenues had declined and the company booked a much larger net loss seems to be rubbing investors the wrong way. As of this writing on August 6th, the value of Sonos shares have declined more than 18% in afternoon trading.
See more on the Sonos fiscal Q3 results…[Read more…] about Sonos Fiscal Q3 Result Shocks Wall Street; Stock Value Skids 18%
In a new filing with the Securities and Exchange Commission, Sonos, Inc. [SONO:NASDAQ] announced a series of measures to try and get company costs under control in the wake of the COVID-19 impacted economy. More drastic than previous announcements, Sonos said it will cut its global headcount, close its New York retail store, close six satellite offices, cut the CEO pay, and further cut the executive team’s pay.