Sonos - SONO STOCK NEWS

Sonos (NASDAQ: SONO) has announced significant changes to its Board of Directors. Hugo Barra, co-founder and head of product at /dev/agents, has been appointed to the Board effective April 7, 2025. Barra brings extensive technology leadership experience from prominent roles at Meta (Oculus VR division), Xiaomi, and Google's Android division.

Simultaneously, Mike Volpi, Sonos's longest-serving director, is stepping down after 15 years of service. Board Chair Julius Genachowski highlighted Barra's expertise in AI and consumer technology as valuable assets for Sonos's future direction. Barra's track record includes leading Android's growth to its first billion users and overseeing Xiaomi's global expansion to become the world's third-largest smartphone manufacturer.

Sonos (NASDAQ: SONO) has announced a new $150 million stock repurchase program, replacing their previous $200 million program which had $11 million remaining. The new program allows Sonos to purchase common stock through various means, including open market repurchases, privately negotiated transactions, and Rule 10b5-1 trading plans.

The repurchase program has no time limit and will be funded through existing cash, cash equivalents, or future cash flow. The timing and volume of share repurchases will depend on factors including stock price, trading volume, and market conditions. The company maintains discretion to modify, suspend, or discontinue the program at any time.

Sonos (NASDAQ: SONO) has announced that Interim CEO Tom Conrad and CFO Saori Casey will participate in a fireside chat at the Morgan Stanley Technology, Media & Telecom Conference. The discussion, moderated by Morgan Stanley analyst Erik Woodring, is scheduled for Monday, March 3, at 4:50 pm Pacific time.

Investors and interested parties can access both the live webcast and replay of the fireside chat through the News & Events section of Sonos' investor relations website.

Sonos (SONO) reported Q1 fiscal 2025 results with revenue of $551 million, near the high-end of guidance. The company achieved GAAP gross margin of 43.8% and GAAP net income of $50.2 million ($0.40 per share). Non-GAAP net income was $79.2 million ($0.64 per share), with Adjusted EBITDA of $91.2 million.

The company announced a significant reorganization, including a reduction in force affecting approximately 12% of employees. This restructuring is expected to result in charges of $15-18 million, primarily related to severance and benefits costs, to be incurred in Q2 fiscal 2025.

Revenue breakdown shows Sonos speakers generated $467.1 million, system products $60.3 million, and partner products $23.4 million. Geographically, Americas contributed $324.6 million, EMEA $197.6 million, and Asia Pacific $28.7 million.

Sonos (NASDAQ: SONO) has announced it will release its first quarter fiscal 2025 financial results on Thursday, February 6, 2025, after market close. The results will cover the period ended December 28, 2024.

The company will provide a press release and slide presentation, which will be available on their investor relations website. A conference call and Q&A session is scheduled for 4:15 p.m. Eastern Time on the same day.

Investors can access the live webcast through the company's investor website. For those preferring phone access, U.S. participants can dial toll-free at 1-888-330-2454, while international participants can call 1-240-789-2714 (conference ID: 8641747). A replay and transcript will be available after the call.

Sonos (NASDAQ: SONO) announced a significant leadership change as CEO Patrick Spence steps down from his position and Board membership, effective immediately. The Board has appointed Tom Conrad, an independent Board member since 2017, as Interim CEO while initiating a search for a permanent replacement with the help of an executive search firm.

The company emphasized that this leadership transition is unrelated to their upcoming fiscal first quarter results, scheduled for February 6, 2025. During his tenure, Spence expanded Sonos's presence in wireless home audio, home theater, portables, and headphones. Conrad, who has previous experience with Sonos through early Pandora integration initiatives, will focus on improving the core customer experience and optimizing business operations to drive innovation and financial performance.

Sonos (NASDAQ: SONO) released its 2024 Listen Better Report, highlighting environmental and social governance progress. The company introduced new products with sustainability features, including Sonos Ace headphones with recycled materials and Arc Ultra speakers with improved energy efficiency. The report details progress on their Climate Action Plan, showing a 6% decrease in total emissions compared to the previous year. Sonos strengthened its commitment to responsible business practices by integrating RBA Code of Conduct into its Supplier Code and supported diversity initiatives, including scholarships for women in sound engineering.

Sonos (SONO) has announced the Era 100 Pro, its first professional installation solution for light-commercial and residential spaces, available for pre-order with shipping starting January 28, 2025. The product features Power over Ethernet (PoE+) for simplified setup, a pro-grade surface mount for versatile orientation, and a new software feature called 'zones' for managing larger installations. Era 100 Pro will be sold exclusively in pairs through select Sonos partners and marks the company's hardware debut in the $2B light commercial audio market, following their SaaS product Sonos Pro.

Sonos (SONO) reported fiscal 2024 results with revenue of $1.52 billion and a GAAP net loss of $38.1 million. Fourth quarter revenue was $255.4 million with a net loss of $53.1 million. The company's GAAP gross margin for the fiscal year was 45.4%. Despite headwinds in the audio category, Sonos launched new products including Arc Ultra and Sub 4 for the holiday season, following software improvements. The company noted an increase in new products per home in Fiscal 2024, though facing overall audio category challenges.