Sonos Announces Plans to Cut Workforce by 7%
Sonos (NASDAQ:SONO) intends to reduce its workforce by approximately 7%, as revealed in a filing with the U.S. Securities and Exchange Commission. The company also plans to downsize its real estate and review its expenditure.
Sonos stated that these actions are part of its commitment to optimizing costs while continuing to invest in its product roadmap for future growth.
The company anticipates incurring restructuring and related charges amounting to around $11 to $14 million, with $9 to $11 million designated for employee severance and benefits costs.
Last month, Sonos announced its Q2 results and revised its full-year guidance to a range of $1.625 billion to $1.675 billion, down from $1.7 billion to $1.8 billion in fiscal 2022. This adjustment reflects a decline of 7% to 4% and is attributed to weakened consumer demand and tightening inventory among channel partners.
| Symbol | Price | %chg |
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| 6758.T | 3535 | 0 |
Sonos Reports Smaller-Than-Expected Loss Despite Revenue Decline
Sonos (NASDAQ:SONO) delivered fourth-quarter results that exceeded analyst expectations, despite ongoing challenges in the audio market.
For the quarter, Sonos reported an adjusted loss of $0.18 per share, significantly better than the anticipated $0.39 loss. Revenue reached $255.38 million, beating the consensus estimate of $249.64 million. However, sales reflected a 16.3% year-over-year decline from $305.15 million in the same period last year, highlighting continued headwinds in the audio category.
For the full fiscal year 2024, the company posted revenue of $1.52 billion, an 8.3% drop compared to $1.66 billion in fiscal 2023. Despite the decline, Sonos reported an adjusted profit of $0.56 per share for the year.
Sonos Announces Plans to Cut Workforce by 7%
Sonos (NASDAQ:SONO) intends to reduce its workforce by approximately 7%, as revealed in a filing with the U.S. Securities and Exchange Commission. The company also plans to downsize its real estate and review its expenditure.
Sonos stated that these actions are part of its commitment to optimizing costs while continuing to invest in its product roadmap for future growth.
The company anticipates incurring restructuring and related charges amounting to around $11 to $14 million, with $9 to $11 million designated for employee severance and benefits costs.
Last month, Sonos announced its Q2 results and revised its full-year guidance to a range of $1.625 billion to $1.675 billion, down from $1.7 billion to $1.8 billion in fiscal 2022. This adjustment reflects a decline of 7% to 4% and is attributed to weakened consumer demand and tightening inventory among channel partners.
