Sonos - SONO STOCK NEWS

Sonos (SONO) has unveiled Arc Ultra, a new premium soundbar featuring revolutionary Sound Motion™ transducer technology. This innovation significantly reduces transducer size while enhancing bass performance, delivering up to double the bass of its predecessor with a 9.1.4 spatial audio experience. Alongside Arc Ultra, Sonos introduced Sub 4, an updated subwoofer with improved design and internals.

The company also announced substantial improvements to its app, addressing performance issues and reintroducing 90% of missing features. Arc Ultra, priced at $999, and Sub 4, at $799, will be available from October 29, 2024. Both products feature enhanced sustainability efforts, including improved serviceability and reduced power consumption.

Sonos (NASDAQ: SONO) has announced seven new commitments following an internal review of its app release in May. These commitments aim to address root causes of app problems and regain customer trust. Key initiatives include:

1. Enhancing customer experience focus
2. Increasing pre-launch testing stringency
3. Gradual release of major app changes
4. Appointing a Quality Ombudsperson
5. Extending home speaker warranties
6. Regular software upgrades
7. Establishing a Customer Advisory Board

Sonos CEO Patrick Spence emphasized the company's dedication to fixing the app and improving customer experience. The Executive Leadership Team will forgo annual bonuses unless app quality improves and customer trust is rebuilt. Sonos reports that 80% of missing app features have been reintroduced, with nearly 100% expected to be restored soon.

Sonos (Nasdaq: SONO) and Sporty & Rich have unveiled the Sonos Ace x Sporty & Rich Edition headphones, priced at $449. This collaboration capitalizes on the popular 'tenniscore' trend, blending high-quality audio with fashionable design. The headphones feature:

• Custom details including the Sporty & Rich crest
• A couture case with green accents
• Tennis-inspired packaging
• Sonos Ace's signature sound quality
• Active Noise Cancellation and Aware Mode

Available exclusively on the Sporty & Rich website and NYC flagship store, these headphones aim to elevate the tenniscore aesthetic while delivering premium audio performance.

Sonos (Nasdaq: SONO) released its Q3 fiscal 2024 results, showing revenue of $397.1 million, a 6.4% increase YoY.

GAAP net income was $3.7 million with diluted EPS of $0.03, while Non-GAAP net income was $29.5 million, yielding an EPS of $0.23. The gross margin improved to 48.3%.

Despite the positive fiscal performance, the company faced issues with its new app rollout, prompting a reduction in fiscal 2024 guidance.

Sonos highlighted the successful launch of its first headphone, Ace, contributing to the revenue growth. Adjusted EBITDA for the quarter was $48.9 million.

The company will discuss its fiscal 2024 outlook in the earnings call, with further details available in their supplemental earnings presentation.

Sonos (Nasdaq: SONO) has announced that it will release its third quarter fiscal 2024 financial results on Wednesday, August 7, 2024, after the market closes. The company will issue a press release and accompanying slide presentation, which will be available on their investor relations website. Following the release, Sonos will host a conference call and Q&A session at 5:00 p.m. Eastern Time to discuss the results.

Investors and interested parties can access the live webcast of the conference call through the Sonos investor relations website. For those unable to attend the live event, a replay of the webcast and transcript will be made available afterwards. Additionally, participants can join the call via phone by dialing 1 (888) 330-2454 (U.S. toll-free) or 1 (240) 789-2714 (international) using the conference ID 8641747.

Sonos announced that its CFO, Saori Casey, and Head of Investor Relations, James Baglanis, will participate in the Maxim Group Virtual Tech Conference on June 5.

The event will feature a fireside chat at 8:30 am Eastern, which will be webcast live and available for replay on the Sonos investor relations website.

Sonos (NASDAQ: SONO) has launched its first headphones, Sonos Ace, marking its entry into the personal audio market. The over-the-ear Bluetooth headphones offer high-fidelity sound, Active Noise Cancellation (ANC), and Aware Mode, along with Sonos' new TrueCinema technology for a surround sound home theater experience. Available globally in Black and Soft White from June 5, 2024, at $449, the headphones feature custom-designed drivers, spatial audio with Dolby Atmos, dynamic head tracking, and a 30-hour battery life. Sonos Ace is designed for comfort with lightweight, premium materials, and includes eco-friendly components such as replaceable ear cushions and a recycled travel case.

Sonos reported solid second quarter fiscal 2024 results, exceeding expectations despite challenges. The company launched a revamped Sonos app and is set for a new product release. Financially, revenue was $252.7 million, with a gross margin of 44.3%. GAAP net loss was ($69.7) million, and non-GAAP net loss was ($42.1) million. Adjusted EBITDA was ($33.6) million. Fiscal 2024 outlook includes revenue of $1.6-$1.7 billion and adjusted EBITDA of $150-$180 million. Conference call and webcast on May 7, 2024.