This week we learned that the Sonos, Inc. (Nasdaq: SONO) plans to launch a new product into a new “multibillion-dollar” product category – strongly rumored to be headphones – has hit a snag, despite its best efforts. Company management has been enthusiastically talking up this diversification into an entirely new category for months – suggesting it will add at least $100 million to revenues this year. But now…those plans have had a monkey wrench thrown into them…
Sonos
Portal Inks Deals with Snap One & Sonos to Offer Proposal Software to Dealers for Free
Portal, one of the custom integration industry’s most popular AV proposal & design software solutions used by thousands of custom integrators every day, has announced that they have struck a deal with two industry powerhouse brands – Snap One and Sonos – who will make the software available to their respective integration dealer bases. Both brands will underwrite the full monthly subscription cost for their dealers in an effort to help those integrators raise their level of professionalism, improve the efficiency of their operations, and increase their deal closing rates.
See more on the Portal program with both Sonos and Snap One
[Read more…] about Portal Inks Deals with Snap One & Sonos to Offer Proposal Software to Dealers for FreeSonos 1st Quarter Fiscal 2024 Revenues Decline But Margins & Profits Improve
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.
See more on the performance of Sonos in Q1 of fiscal 2024
[Read more…] about Sonos 1st Quarter Fiscal 2024 Revenues Decline But Margins & Profits ImproveSonos & Sonance Partner on New 8-Inch In-Ceiling Architectural Speaker
Sonos [NASDAQ: SONO] announced this week that it will launch an all-new 8-inch in-ceiling speaker that it designed in conjunction with Sonance. Part of the company’s Architectural lineup of speakers, this new model extends both the size and the range of performance of the line.
Learn more about the new Sonos 8-inch in-ceiling speakers
[Read more…] about Sonos & Sonance Partner on New 8-Inch In-Ceiling Architectural SpeakerSonos Q4 & Full Year 2023 Results Show Post-COVID Drop in Demand
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 DemandAfter $32.5M Jury Win for Sonos, Judge Throws Out Jury Verdict and Finds for Google
Declares Sonos Patents Unenforceable & Invalid
In a shocking twist to a long-running patent battle, U.S. District Court Judge William H Alsup declared Sonos’ ‘966 and ‘885 patents at trial are unenforceable and invalid effectively countermanding a jury decision on behalf of Sonos and a royalty award of $32.5 million. Furthermore, the judge’s order suggests that Sonos abused the patent system by attempting to use it to “punish an innovator” and to “enrich a[n] [innovation] pretender.”
See more on this shocking twist at the end of Sonos vs. Google
[Read more…] about After $32.5M Jury Win for Sonos, Judge Throws Out Jury Verdict and Finds for GoogleTech Guru Panos Panay Resigns from Sonos Board; Co. Intros ‘New’ Execs
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’ ExecsSonos Cuts Headcount 7%, Looking to Cut Real Estate & Programs
Is Sonos Exploding?
In a filing with the Securities and Exchange Commission (SEC) on Tuesday, Sonos, Inc. [NASDAQ: SONO] said it will institute a “reduction in force” or headcount reduction of approximately 7% of their employees. While the decision to cut jobs is designed to reduce labor expenses, the execution of the plan is estimated to cost the company somewhere between $11 million to $14 million.
But there was even more in the Sonos filing…
[Read more…] about Sonos Cuts Headcount 7%, Looking to Cut Real Estate & ProgramsJury Sides with Sonos, Orders Google to Pay $32.5m for Infringement
A jury has come to a unanimous verdict in the matter of Sonos, Inc. vs. Google, LLC, a patent infringement lawsuit initially filed on September 22, 2020, in the U.S. District Court for California Northern District in San Francisco. In the case of one of the two patents under consideration – the ‘885 patent – the jury sided with Sonos, finding that Google products did infringe upon the Sonos patent and awarded them a judgment of $32.5 million.
Learn more about this Sonos win over Google
[Read more…] about Jury Sides with Sonos, Orders Google to Pay $32.5m for InfringementSonos Stock Drops 25% as Fiscal 2023 2nd Quarter Hit By Slackening Demand
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…