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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Sonos Inc | NASDAQ:SONO | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 14.00 | 14.09 | 14.37 | 10 | 13:31:57 |
Sonos, Inc. (NASDAQ: SONO) today reported fourth quarter and fiscal 2023 results.
Fiscal 2023 Financial Highlights (unaudited)
Fourth Quarter 2023 Financial Highlights (unaudited)
Notes: 1 Non-GAAP net income (loss)/Non-GAAP diluted earnings (loss) per share, Adjusted EBITDA and Adjusted EBITDA margin exclude stock-based compensation, legal and transaction related fees, amortization of intangibles, and restructuring and abandonment costs. See “Use of Non-GAAP Measures” and reconciliations to GAAP measures below.
Sonos CEO Patrick Spence commented, “While it was a challenging year in the categories in which we play, the strength of the Sonos brand and product portfolio enabled us to retain a strong market share position. We successfully raised the bar in the speaker category with the introduction of our new Era products, and extended our leadership in the premium portable category with Move 2. And we delivered on our commitment to EBITDA margin in spite of the headwinds we faced.”
Mr. Spence continued, “As we enter Fiscal 2024, we are laser focused on execution and positioning our business to return to top and bottom line growth when conditions improve. While current market conditions remain challenging, this is the beginning of a multi-year product cycle where we expect to reap the rewards of our R&D investments. This cycle begins with our entry into a new multi-billion dollar category in the second half of the year that will complement our current offering, delight customers and drive immediate revenue. We are so excited about what we have to share with the world in Fiscal 2024 and beyond.”
Fiscal 2024 Outlook
Low end
Midpoint
High end
Revenue ($ million)
1,600
1,650
1,700
% y/y
-3%
0%
3%
% y/y - constant currency
-3%
0%
3%
Gross margin - GAAP
45.0%
45.5%
46.0%
Adjustments(1)
0.4%
0.4%
0.4%
Gross margin - Non-GAAP(1)
45.4%
45.9%
46.4%
Adjusted EBITDA ($ million)
150
165
180
Adjusted EBITDA margin
9.4%
10.0%
10.6%
Notes: (1) Non-GAAP gross margin excludes approximately $7 million (0.4% of revenue) of stock-based compensation and amortization of intangible assets included in GAAP gross margin
Fiscal 2023 Company Highlights (unaudited)
Key Metrics:
New Stock Repurchase Program
Continued Product Innovation
Expansion of our Brand
Responsible Innovation
Supplemental Earnings Presentation
The company has posted a supplemental earnings presentation accompanying its fourth quarter and fiscal 2023 results to the Earnings Reports section of its investor relations website at https://investors.sonos.com/reports-and-filings/default.aspx#section=earningsreports.
Conference Call, Webcast and Transcript
The company will host a webcast of its conference call and Q&A related to its fourth quarter and fiscal 2023 results on November 15, 2023, at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time). Participants may access the live webcast in listen-only mode on the Sonos investor relations website at https://investors.sonos.com/news-and-events/default.aspx.
The conference call may also be accessed by dialing (888) 330-2454 with conference ID 8641747. Participants outside the U.S. can access the call by dialing (240) 789-2714 using the same conference ID.
An archived webcast of the conference call and a transcript of the company’s prepared remarks and Q&A session will also be available at https://investors.sonos.com/reports-and-filings/default.aspx#section=earningsreports following the call.
Consolidated Statements of Operations and Comprehensive (Loss) Income
(unaudited, in thousands, except share and per share amounts)
Three Months Ended
Twelve Months Ended
September 30,
2023
October 1,
2022
September 30,
2023
October 1,
2022
Revenue
$
305,147
$
316,290
$
1,655,255
$
1,752,336
Cost of revenue
177,093
192,191
938,765
955,969
Gross profit
128,054
124,099
716,490
796,367
Operating expenses
Research and development
65,517
67,274
301,001
256,073
Sales and marketing
58,601
72,649
267,518
280,333
General and administrative
32,297
44,240
168,518
170,429
Total operating expenses
156,415
184,163
737,037
706,835
Operating (loss) income
(28,361
)
(60,064
)
(20,547
)
89,532
Other income (expense), net
Interest income
2,661
1,070
10,201
1,655
Interest expense
(149
)
(168
)
(733
)
(552
)
Other (expense) income, net
(6,696
)
(8,364
)
15,473
(21,905
)
Total other (expense) income, net
(4,184
)
(7,462
)
24,941
(20,802
)
(Loss) income before (benefit from) provision for income taxes
(32,545
)
(67,526
)
4,394
68,730
(Benefit from) provision for income taxes
(1,306
)
(3,459
)
14,668
1,347
Net (loss) income
$
(31,239
)
$
(64,067
)
$
(10,274
)
$
67,383
Net (loss) income attributable to common stockholders:
Basic and diluted
$
(31,239
)
$
(64,067
)
$
(10,274
)
$
67,383
Net (loss) income per share attributable to common stockholders:
Basic
$
(0.25
)
$
(0.50
)
$
(0.08
)
$
0.53
Diluted
$
(0.25
)
$
(0.50
)
$
(0.08
)
$
0.49
Weighted-average shares used in computing net (loss) income per share attributable to common stockholders:
Basic
127,335,311
127,104,659
127,702,885
127,691,030
Diluted
127,335,311
127,104,659
127,702,885
137,762,078
Total comprehensive (loss) income
Net (loss) income
(31,239
)
(64,067
)
(10,274
)
67,383
Change in foreign currency translation adjustment
2,035
(249
)
153
(2,221
)
Comprehensive (loss) income
$
(29,204
)
$
(64,316
)
$
(10,121
)
$
65,162
Consolidated Balance Sheets
(unaudited, in thousands, except par values)
As of
September 30,
2023
October 1,
2022
Assets
Current assets:
Cash and cash equivalents
$
220,231
$
274,855
Accounts receivable, net of allowances
67,583
101,206
Inventories
346,521
454,288
Prepaids and other current assets
25,296
37,042
Total current assets
659,631
867,391
Property and equipment, net
87,075
86,168
Operating lease right-of-use assets
48,918
28,329
Goodwill
80,420
77,300
Intangible assets, net
In-process research and development
69,791
64,680
Other intangible assets
20,218
26,384
Deferred tax assets
1,659
1,508
Other noncurrent assets
34,529
36,628
Total assets
$
1,002,241
$
1,188,388
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable
$
187,981
$
335,758
Accrued expenses
89,717
109,290
Accrued compensation
22,079
23,624
Deferred revenue, current
20,188
27,318
Other current liabilities
34,253
39,649
Total current liabilities
354,218
535,639
Operating lease liabilities, noncurrent
54,956
25,596
Deferred revenue, noncurrent
60,650
56,152
Deferred tax liabilities
9,846
9,642
Other noncurrent liabilities
3,914
846
Total liabilities
483,584
627,875
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.001 par value
130
130
Treasury stock
(72,586
)
(50,896
)
Additional paid-in capital
607,345
617,390
Retained earnings (accumulated deficit)
(12,788
)
(2,514
)
Accumulated other comprehensive loss
(3,444
)
(3,597
)
Total stockholders’ equity
518,657
560,513
Total liabilities and stockholders’ equity
$
1,002,241
$
1,188,388
Consolidated Statements of Cash Flows
(unaudited, dollars in thousands)
Twelve Months Ended
September 30,
2023
October 1,
2022
Cash flows from operating activities
Net (loss) income
$
(10,274
)
$
67,383
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
Depreciation and amortization
48,969
38,504
Restructuring and abandonment charges
5,533
—
Stock-based compensation expense
76,857
75,640
Provision for inventory obsolescence
20,640
6,276
Other
5,535
4,705
Deferred income taxes
(583
)
(1,508
)
Foreign currency transaction (gain) loss
(7,335
)
10,775
Changes in operating assets and liabilities:
Accounts receivable, net
32,120
(5,513
)
Inventories
87,004
(277,489
)
Other assets
10,470
(16,604
)
Accounts payable and accrued expenses
(162,345
)
129,686
Accrued compensation
(2,185
)
(52,904
)
Deferred revenue
(4,576
)
(1,667
)
Other liabilities
576
(5,544
)
Net cash provided by (used in) operating activities
100,406
(28,260
)
Cash flows from investing activities
Purchases of property and equipment, intangible and other assets
(50,286
)
(46,216
)
Cash paid for acquisitions, net of acquired cash
—
(126,416
)
Net cash used in investing activities
(50,286
)
(172,632
)
Cash flows from financing activities
Payments for debt issuance costs
—
(929
)
Proceeds from exercise of stock options
21,346
40,443
Payments for repurchase of common stock
(100,064
)
(150,121
)
Payments for repurchase of common stock related to shares withheld for tax in connection with vesting of restricted stock units
(29,874
)
(39,653
)
Net cash provided by (used in) financing activities
(108,592
)
(150,260
)
Effect of exchange rate changes on cash and cash equivalents
3,848
(14,094
)
Net increase (decrease) in cash and cash equivalents
(54,624
)
(365,246
)
Cash and cash equivalents
Beginning of period
274,855
640,101
End of period
$
220,231
$
274,855
Supplemental disclosure
Cash paid for interest
$
1,330
$
344
Cash paid for taxes, net of refunds
$
9,522
$
9,306
Cash paid for amounts included in the measurement of lease liabilities
$
14,218
$
14,636
Supplemental disclosure of non-cash investing and financing activities
Purchases of property and equipment in accounts payable and accrued expenses
$
2,784
$
9,112
Right-of-use assets obtained in exchange for new operating lease liabilities
$
31,692
$
5,054
Change in estimate of asset retirement obligations
$
2,290
$
—
Reconciliation of GAAP to Non-GAAP Cost of Revenue and Gross Profit
(unaudited, in thousands, except percentages)
Three Months Ended
Twelve Months Ended
September 30,
2023
October 1,
2022
September 30,
2023
October 1,
2022
Reconciliation of GAAP cost of revenue
GAAP cost of revenue
$
177,093
$
192,191
$
938,765
$
955,969
Stock-based compensation expense
437
467
2,038
1,620
Amortization of intangibles
973
1,510
4,103
2,149
Non-GAAP cost of revenue
$
175,683
$
190,214
$
932,624
$
952,200
Reconciliation of GAAP gross profit
GAAP gross profit
$
128,054
$
124,099
$
716,490
$
796,367
Stock-based compensation expense
437
467
2,038
1,620
Amortization of intangibles
973
1,510
4,103
2,149
Non-GAAP gross profit
$
129,464
$
126,076
$
722,631
$
800,136
GAAP gross margin
42.0
%
39.2
%
43.3
%
45.4
%
Non-GAAP gross margin
42.4
%
39.9
%
43.7
%
45.7
%
Reconciliation of Selected Non-GAAP Financial Measures
(unaudited, dollars in thousands)
Three Months Ended
Twelve Months Ended
September 30,
2023
October 1,
2022
September 30,
2023
October 1,
2022
Research and Development (GAAP)
$
65,517
$
67,274
$
301,001
$
256,073
Stock-based compensation
8,177
8,037
35,530
30,724
Amortization of intangibles
496
512
1,983
2,961
Restructuring and abandonment costs
188
-
6,556
-
Research and Development (Non-GAAP)
$
56,656
$
58,725
$
256,932
$
222,388
Sales and Marketing (GAAP)
$
58,601
$
72,649
$
267,518
$
280,333
Stock-based compensation
3,499
3,685
15,677
15,335
Amortization of intangibles
-
-
-
-
Restructuring and abandonment costs
180
-
5,635
-
Sales and Marketing (Non-GAAP)
$
54,922
$
68,964
$
246,206
$
264,998
General and Administrative (GAAP)
32,297
44,240
168,518
170,429
Stock-based compensation
5,195
5,988
23,612
27,961
Legal and transaction related costs
2,944
5,529
32,950
22,873
Amortization of intangibles
24
24
96
96
Restructuring and abandonment costs
106
-
3,458
-
Adjusted General and Administrative (Non-GAAP)
$
24,028
$
32,699
$
108,402
$
119,499
Total Operating Expenses (GAAP)
$
156,415
$
184,163
$
737,037
$
706,835
Stock-based compensation
16,871
17,710
74,819
74,020
Legal and transaction related costs
2,944
5,529
32,950
22,873
Amortization of intangibles
520
536
2,079
3,057
Restructuring and abandonment costs
474
-
15,649
-
Adjusted Operating Expenses (Non-GAAP)
$
135,606
$
160,388
$
611,540
$
606,885
Total Operating Income (GAAP)
$
(28,361
)
$
(60,064
)
$
(20,547
)
$
89,532
Stock-based compensation
17,308
18,177
76,857
75,640
Legal and transaction related costs
2,944
5,529
32,950
22,873
Amortization of intangibles
1,493
2,046
6,182
5,206
Restructuring and abandonment costs
474
-
15,649
-
Adjusted Operating Income (Non-GAAP)
$
(6,142
)
$
(34,312
)
$
111,091
$
193,251
Depreciation
12,422
8,759
42,787
33,298
Adjusted EBITDA (Non-GAAP)
$
6,280
$
(25,553
)
$
153,878
$
226,549
Reconciliation of Net (Loss) Income to Adjusted EBITDA
(unaudited, dollars in thousands except percentages)
Three Months Ended
Twelve Months Ended
September 30,
2023
October 1,
2022
September 30,
2023
October 1,
2022
(In thousands, except percentages)
Net (loss) income
$
(31,239
)
$
(64,067
)
$
(10,274
)
$
67,383
Add (deduct):
Depreciation and amortization
13,915
10,805
48,969
38,504
Stock-based compensation expense
17,308
18,177
76,857
75,640
Interest income
(2,661
)
(1,070
)
(10,201
)
(1,655
)
Interest expense
149
168
733
552
Other (income) expense, net
6,696
8,364
(15,473
)
21,905
(Benefit from) provision for income taxes
(1,306
)
(3,459
)
14,668
1,347
Legal and transaction related costs (1)
2,944
5,529
32,950
22,873
Restructuring and abandonment costs (2)
474
-
15,649
-
Adjusted EBITDA
$
6,280
$
(25,553
)
$
153,878
$
226,549
Revenue
$
305,147
$
316,290
$
1,655,255
$
1,752,336
Net (loss) income margin
(10.2
)%
(20.3
)%
(0.6
)%
3.8
%
Adjusted EBITDA margin
2.1
%
(8.1
)%
9.3
%
12.9
%
(1) Legal and transaction-related costs consist of expenses related to our intellectual property ("IP") litigation against Alphabet and Google, as well as legal and transaction costs associated with our acquisition activity, which we do not consider representative of our underlying operating performance.
(2) On June 14, 2023, the Company initiated a restructuring plan to reduce its cost base (the “2023 restructuring plan”). The 2023 restructuring plan included a reduction in force involving approximately 7% of its employees, further reducing the Company’s real estate footprint, and re-evaluating certain program spend. Total pre-tax restructuring and abandonment costs under the 2023 restructuring plan were $11.4 million, substantially all of which were incurred in the third quarter of fiscal 2023, with nominal amounts to be incurred through the first quarter of fiscal 2024. Total restructuring and abandonment costs for the twelve months ended September 30, 2023, include $4.8 million non-recurring lease abandonment charges that were incurred in March 2023, when the Company abandoned portions of its office spaces for the remainder of their respective lease terms in support of operational efficiencies.
Reconciliation of GAAP Net (Loss) Income to Non-GAAP Net Income
(unaudited, in thousands, except share and per share amounts)
Three Months Ended
Twelve Months Ended
September 30,
2023
October 1,
2022
September 30,
2023
October 1,
2022
Reconciliation of GAAP net (loss) income
GAAP net (loss) income
$
(31,239
)
$
(64,067
)
$
(10,274
)
$
67,383
Stock-based compensation expense
17,308
18,177
76,857
75,640
Legal and transaction related costs
2,944
5,529
32,950
22,873
Amortization of intangibles
1,493
2,046
6,182
5,206
Restructuring and abandonment costs
474
-
15,649
-
Non-GAAP net (loss) income
$
(9,020
)
$
(38,315
)
$
121,364
$
171,102
Reconciliation of net (loss) income per share
GAAP net (loss) income per share, diluted
$
(0.25
)
$
(0.50
)
$
(0.08
)
$
0.49
Non-GAAP adjustments to net (loss) income per share
0.18
0.20
1.00
0.75
Non-GAAP net (loss) income per share, diluted
$
(0.07
)
$
(0.30
)
$
0.92
$
1.24
Weighted-average shares used in GAAP per share calculation, diluted
127,335,311
127,104,659
127,702,885
137,762,078
Weighted-average shares used in non-GAAP per share calculation, diluted
127,335,311
127,104,659
131,947,092
137,762,078
Note: Certain figures may not sum due to rounding
Reconciliation of Cash Flows Provided by (Used in) Operating Activities to Free Cash Flow
(unaudited, dollars in thousands)
Three Months Ended
Twelve Months Ended
September 30,
2023
October 1,
2022
September 30,
2023
October 1,
2022
Cash flows provided by (used in) operating activities
$
22,195
$
(103,917
)
$
100,406
$
(28,260
)
Less: Purchases of property and equipment, and intangible assets
(10,201
)
(21,269
)
(50,286
)
(46,216
)
Free cash flow
$
11,994
$
(125,186
)
$
50,120
$
(74,476
)
Revenue by Product Category
(unaudited, dollars in thousands)
Three Months Ended
Twelve Months Ended
September 30,
2023
October 1,
2022
September 30,
2023
October 1,
2022
(In thousands)
Sonos speakers
$
223,323
$
235,091
$
1,293,440
$
1,368,916
Sonos system products
62,316
62,782
285,064
297,110
Partner products and other revenue
19,508
18,417
76,751
86,310
Total revenue
$
305,147
$
316,290
$
1,655,255
$
1,752,336
Revenue by Geographical Region
(unaudited, dollars in thousands)
Three Months Ended
Twelve Months Ended
September 30,
2023
October 1,
2022
September 30,
2023
October 1,
2022
Americas
$
203,531
$
199,686
$
1,048,245
$
1,044,113
Europe, Middle East and Africa
83,374
91,438
518,179
578,034
Asia Pacific
18,242
25,166
88,831
130,189
Total revenue
$
305,147
$
316,290
$
1,655,255
$
1,752,336
Stock-based Compensation
(unaudited, dollars in thousands)
Three Months Ended
Twelve Months Ended
September 30,
2023
October 1,
2022
September 30,
2023
October 1,
2022
(In thousands)
Cost of revenue
$
437
$
467
$
2,038
$
1,620
Research and development
8,177
8,037
35,530
30,724
Sales and marketing
3,499
3,685
15,677
15,335
General and administrative
5,195
5,988
23,612
27,961
Total stock-based compensation expense
$
17,308
$
18,177
$
76,857
$
75,640
Amortization of Intangibles
(unaudited, dollars in thousands)
Three Months Ended
Twelve Months Ended
September 30,
2023
October 1,
2022
September 30,
2023
October 1,
2022
Cost of revenue
$
973
$
1,510
$
4,103
$
2,149
Research and development
496
512
1,983
2,961
Sales and marketing
-
-
-
-
General and administrative
24
24
96
96
Total amortization of intangibles
$
1,493
$
2,046
$
6,182
$
5,206
Use of Non-GAAP Measures
We have provided in this press release financial information that has not been prepared in accordance with generally accepted accounting principles (“U.S. GAAP”), including adjusted EBITDA, adjusted EBITDA margin, free cash flow, free cash flow conversion, non-GAAP gross margin, net income (loss) excluding stock-based compensation, legal and transaction related fees, amortization of intangibles, and restructuring and abandonment costs and diluted earnings per share excluding stock-based compensation, legal and transaction related fees, amortization of intangibles and restructuring and abandonment costs. These non-GAAP financial measures are not based on any standardized methodology prescribed by U.S. GAAP and are not necessarily comparable to similarly titled measures presented by other companies. We use these non-GAAP financial measures to evaluate our operating performance and trends and make planning decisions. We believe that these non-GAAP financial measures help identify underlying trends in our business that could otherwise be masked by the effect of the expenses and other items that we exclude in these non-GAAP financial measures. Accordingly, we believe that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating our operating results, enhancing the overall understanding of our past performance and future prospects and allowing for greater transparency with respect to a key financial metric used by our management in its financial and operational decision-making. Non-GAAP financial measures should not be considered in isolation of, or as an alternative to, measures prepared in accordance with U.S. GAAP. Investors are encouraged to review the reconciliation of these financial measures to their nearest U.S. GAAP financial equivalents provided in the financial statement tables above. We define adjusted EBITDA as net income (loss) adjusted to exclude the impact of depreciation and amortization, stock-based compensation expense, interest income, interest expense, other income (expense), income taxes, restructuring and abandonment costs and other items that we do not consider representative of our underlying operating performance. We define adjusted EBITDA margin as adjusted EBITDA divided by revenue. We define free cash flow as net cash from operations less purchases of property and equipment and intangible and other assets. We define free cash flow conversion as free cash flow as a percentage of Adjusted EBITDA. We define non-GAAP gross margin as GAAP gross margin, excluding stock-based compensation and amortization of intangible assets. We calculate non-GAAP net income (loss) excluding stock-based compensation, legal and transaction related fees, amortization of intangibles and restructuring and abandonment costs as net income (loss) less stock-based compensation, legal and transaction related fees, amortization of intangibles and restructuring and abandonment costs. We calculate non-GAAP diluted earnings per share excluding stock-based compensation, legal and transaction related fees, amortization of intangibles and restructuring and abandonment costs as net income less stock-based compensation, legal and transaction related fees, amortization of intangibles and restructuring and abandonment costs divided by our number of shares at fiscal year end. We calculate constant currency growth percentages by translating our current period financial results using the prior period average currency exchange rates and comparing these amounts to our prior period reported results. We do not provide a reconciliation of forward-looking non-GAAP financial measures to their comparable GAAP financial measures because we cannot do so without unreasonable effort due to unavailability of information needed to calculate reconciling items and due to the variability, complexity and limited visibility of the adjusting items that would be excluded from the non-GAAP financial measures in future periods. When planning, forecasting and analyzing future periods, we do so primarily on a non-GAAP basis without preparing a GAAP analysis as that would require estimates for items such as stock-based compensation, which is inherently difficult to predict with reasonable accuracy. Stock-based compensation expense is difficult to estimate because it depends on our future hiring and retention needs, as well as the future fair market value of our common stock, all of which are difficult to predict and subject to constant change. In addition, for purposes of setting annual guidance, it would be difficult to quantify stock-based compensation expense for the year with reasonable accuracy in the current quarter. As a result, we do not believe that a GAAP reconciliation would provide meaningful supplemental information about our outlook.
Forward-Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties. These forward-looking statements include statements regarding our outlook for the fiscal year ending September 28, 2024, our long-term outlook, our long-term focus, financial, growth and business strategies and opportunities, growth metrics and targets, our business model, new products, product categories and services, our product cycle and roadmap, our investments in R&D, profitability and gross margins, market growth and our market share, the macroeconomic environment and our ability to weather it, and other factors affecting variability in our financial results. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors, including, but not limited to: our ability to accurately forecast product demand and effectively forecast and manage owned and channel inventory levels; the impact of global economic, market and political events, including the potential for an extended global recession, continued inflationary pressures, rising interest rates and, in certain markets, foreign currency exchange rate fluctuations; changes in consumer income and overall consumer spending as a result of economic or political uncertainty or conditions; changes in consumer spending patterns; our ability to successfully introduce new products and services and maintain or expand the success of our existing products; the success of our efforts to expand our direct-to-consumer channel; the success of our financial, growth and business strategies; our ability to meet product demand and manage any product availability delays; supply chain challenges, including shipping and logistics challenges and component supply-related challenges; the resurgence of the COVID-19 pandemic and the other risk factors set forth under the caption “Risk Factors” in our Quarterly Report on Form 10-Q for the quarter ended July 1, 2023 and our other filings filed with the Securities and Exchange Commission (the “SEC”), copies of which are available free of charge at the SEC’s website at www.sec.gov or upon request from our investor relations department. All forward-looking statements herein reflect our opinions only as of the date of this press release, and we undertake no obligation, and expressly disclaim any obligation, to update forward-looking statements herein in light of new information or future events. Sonos and Sonos product names are trademarks or registered trademarks of Sonos, Inc. All other product names and services may be trademarks or service marks of their respective owners.
About Sonos
Sonos (NASDAQ: SONO) is one of the world’s leading sound experience brands. As the inventor of multi-room wireless home audio, Sonos’ innovation helps the world listen better by giving people access to the content they love and allowing them to control it however they choose. Known for delivering an unparalleled sound experience, thoughtful home design aesthetic, simplicity of use and an open platform, Sonos makes the breadth of audio content available to anyone. Sonos is headquartered in Santa Barbara, California. Learn more at www.sonos.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20231115636387/en/
Investor Contact James Baglanis IR@sonos.com
Press Contact Erin Pategas PR@sonos.com
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