Sonos Reports Third Quarter Fiscal 2024 Results

Rhea-AI Summary

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.

Positive

• Revenue increased by 6.4% YoY to $397.1 million.
• Non-GAAP net income of $29.5 million with an EPS of $0.23.
• Gross margin improved to 48.3%.
• Successful launch of Ace headphones.

Negative

• Issues with new app rollout leading to reduced fiscal 2024 guidance.

SANTA BARBARA, Calif.--(BUSINESS WIRE)-- Sonos, Inc. (Nasdaq: SONO) today reported third quarter fiscal 2024 results.

“Thanks to Ace, our long-awaited entry into headphones, we reported year over year revenue growth and delivered results that slightly exceeded our expectations in our third quarter,” Sonos CEO Patrick Spence commented. “This was overshadowed by the problems that our customers and partners experienced as a result of the rollout of our new app, which in turn has required us to reduce our Fiscal 2024 guidance. We have a clear action plan to address the issues caused by our app as quickly as possible. While our app setback is regrettable, it is one chapter in our over twenty years of delighting customers. I speak for everyone at Sonos when I say that our #1 priority is to make this right and ensure that the next chapter is even better than the previous ones.”

Third Quarter Fiscal 2024 Financial Highlights (unaudited)

• Revenue of $397.1 million
• Gross margin of 48.3%
• GAAP net income of $3.7 million, GAAP diluted earnings per share (EPS) of $0.03
• Non-GAAP net income¹ of $29.5 million, Non-GAAP diluted EPS¹ of $0.23
• Adjusted EBITDA¹ of $48.9 million

Notes:

(1) Non-GAAP net income/Non-GAAP diluted earnings per share (EPS) and Adjusted EBITDA 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.

Fiscal 2024 Outlook

The company will provide its Fiscal 2024 outlook on its third quarter fiscal 2024 earnings call.

Supplemental Earnings Presentation

Following the earnings call, the company will post a supplemental earnings presentation regarding its third quarter fiscal 2024 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 third quarter fiscal 2024 results on August 7, 2024, 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								Nine Months Ended
		June 29, 2024				July 1, 2023				June 29, 2024				July 1, 2023
Revenue		$	397,146			$	373,356			$	1,262,676			$	1,350,108
Cost of revenue			205,505				201,594				676,320				761,672
Gross profit			191,641				171,762				586,356				588,436
Operating expenses
Research and development			74,223				77,758				233,780				235,484
Sales and marketing			71,643				66,600				217,428				208,917
General and administrative			33,186				48,665				113,825				136,219
Total operating expenses			179,052				193,023				565,033				580,620
Operating income (loss)			12,589				(21,261	)			21,323				7,816
Other income, net
Interest income			2,629				2,391				9,638				7,540
Interest expense			(106	)			(274	)			(333	)			(585	)
Other (loss) income, net			(2,464	)			1,424				4,507				22,169
Total other income, net			59				3,541				13,812				29,124
Income (loss) before provision for income taxes			12,648				(17,720	)			35,135				36,940
Provision for income taxes			8,939				5,851				20,188				15,974
Net income (loss)		$	3,709			$	(23,571	)		$	14,947			$	20,966
Net income (loss) attributable to common stockholders:
Basic and diluted		$	3,709			$	(23,571	)		$	14,947			$	20,966
Net income (loss) per share attributable to common stockholders:
Basic		$	0.03			$	(0.18	)		$	0.12			$	0.16
Diluted		$	0.03			$	(0.18	)		$	0.12			$	0.16
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders:
Basic			122,553,129				128,311,109				123,828,150				127,825,410
Diluted			127,245,459				128,311,109				127,886,368				132,851,379
Total comprehensive income (loss)
Net income (loss)			3,709				(23,571	)			14,947				20,966
Change in foreign currency translation adjustment			681				802				(267	)			(1,882	)
Net unrealized loss on marketable securities			(6	)			—				(32	)			—
Comprehensive income (loss)		$	4,384			$	(22,769	)		$	14,648			$	19,084

Consolidated Balance Sheets
(unaudited, in thousands, except par values)
		As of
		June 29, 2024				September 30, 2023
Assets
Current assets:
Cash and cash equivalents		$	227,114			$	220,231
Marketable securities			49,515				-
Accounts receivable, net			131,581				67,583
Inventories			154,903				346,521
Prepaids and other current assets			41,343				25,296
Total current assets			604,456				659,631
Property and equipment, net			103,123				87,075
Operating lease right-of-use assets			53,030				48,918
Goodwill			80,980				80,420
Intangible assets, net
In-process research and development			70,706				69,791
Other intangible assets			15,748				20,218
Deferred tax assets			1,640				1,659
Other noncurrent assets			31,422				34,529
Total assets		$	961,105			$	1,002,241
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable		$	179,327			$	187,981
Accrued expenses			88,958				89,717
Accrued compensation			33,059				22,079
Deferred revenue, current			20,796				20,188
Other current liabilities			44,741				34,253
Total current liabilities			366,881				354,218
Operating lease liabilities, noncurrent			53,050				54,956
Deferred revenue, noncurrent			62,190				60,650
Deferred tax liabilities			10,735				9,846
Other noncurrent liabilities			3,858				3,914
Total liabilities			496,714				483,584
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.001 par value			126				130
Treasury stock			(72,323	)			(72,586	)
Additional paid-in capital			538,172				607,345
Retained earnings (accumulated deficit)			2,159				(12,788	)
Accumulated other comprehensive loss			(3,743	)			(3,444	)
Total stockholders’ equity			464,391				518,657
Total liabilities and stockholders’ equity		$	961,105			$	1,002,241

Consolidated Statements of Cash Flows
(unaudited, dollars in thousands)
		Nine Months Ended
		June 29, 2024				July 1, 2023
Cash flows from operating activities
Net income		$	14,947			$	20,966
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation expense			64,961				59,549
Depreciation and amortization			35,154				35,054
Provision for inventory obsolescence			2,005				14,964
Restructuring and abandonment charges			266				5,125
Deferred income taxes			819				1,569
Other			2,973				4,270
Foreign currency transaction gains			(2,750	)			(12,698	)
Changes in operating assets and liabilities:
Accounts receivable			(64,218	)			(13,934	)
Inventories			189,613				141,054
Other assets			(15,285	)			9,375
Accounts payable and accrued expenses			(16,942	)			(204,012	)
Accrued compensation			10,251				20,640
Deferred revenue			1,685				(4,093	)
Other liabilities			4,161				382
Net cash provided by operating activities			227,640				78,211
Cash flows from investing activities
Purchases of marketable securities			(68,676	)			—
Purchases of property and equipment			(39,477	)			(40,085	)
Maturities of marketable securities			20,000				—
Net cash used in investing activities			(88,153	)			(40,085	)
Cash flows from financing activities
Payments for repurchase of common stock			(128,739	)			(45,063	)
Payments for repurchase of common stock related to shares withheld for tax in connection with vesting of restricted stock units			(20,757	)			(23,914	)
Proceeds from exercise of stock options			16,312				20,042
Net cash used in financing activities			(133,184	)			(48,935	)
Effect of exchange rate changes on cash and cash equivalents			580				4,240
Net increase in cash and cash equivalents			6,883				(6,569	)
Cash and cash equivalents
Beginning of period			220,231				274,855
End of period		$	227,114			$	268,286
Supplemental disclosure
Cash paid for interest		$	195			$	780
Cash paid for taxes, net of refunds		$	17,134			$	5,217
Cash paid for amounts included in the measurement of lease liabilities		$	9,637			$	10,599
Supplemental disclosure of non-cash investing and financing activities
Purchases of property and equipment in accounts payable and accrued expenses		$	9,910			$	7,129
Right-of-use assets obtained in exchange for new operating lease liabilities		$	11,277			$	31,547
Change in estimate of asset retirement obligations		$	—			$	2,185

Reconciliation of GAAP to Non-GAAP Cost of Revenue and Gross Profit
(unaudited, in thousands, except percentages)
		Three Months Ended								Nine Months Ended
		June 29, 2024				July 1, 2023				June 29, 2024				July 1, 2023
Reconciliation of GAAP cost of revenue
GAAP cost of revenue		$	205,505			$	201,594			$	676,320			$	761,672
Stock-based compensation expense			655				450				1,995				1,601
Amortization of intangibles			973				973				2,918				3,131
Non-GAAP cost of revenue		$	203,877			$	200,171			$	671,407			$	756,940
Reconciliation of GAAP gross profit
GAAP gross profit		$	191,641			$	171,762			$	586,356			$	588,436
Stock-based compensation expense			655				450				1,995				1,601
Amortization of intangibles			973				973				2,918				3,131
Non-GAAP gross profit		$	193,269			$	173,185			$	591,269			$	593,168
GAAP gross margin			48.3	%			46.0	%			46.4	%			43.6	%
Non-GAAP gross margin			48.7	%			46.4	%			46.8	%			43.9	%

Reconciliation of Selected Non-GAAP Financial Measures
(unaudited, dollars in thousands)
		Three Months Ended								Nine Months Ended
		June 29, 2024				July 1, 2023				June 29, 2024				July 1, 2023
Research and Development (GAAP)		$	74,223			$	77,758			$	233,780			$	235,484
Stock-based compensation			9,735				8,637				29,133				27,353
Amortization of intangibles			496				496				1,488				1,487
Restructuring and abandonment costs			478				3,686				801				6,368
Research and Development (Non-GAAP)		$	63,514			$	64,939			$	202,358			$	200,276
Sales and Marketing (GAAP)		$	71,643			$	66,600			$	217,428			$	208,917
Stock-based compensation			4,510				3,590				13,297				12,178
Amortization of intangibles			-				-				-				-
Restructuring and abandonment costs			185				4,422				297				5,455
Sales and Marketing (Non-GAAP)		$	66,948			$	58,588			$	203,834			$	191,284
General and Administrative (GAAP)			33,186				48,665				113,825				136,219
Stock-based compensation			7,030				5,652				20,536				18,417
Legal and transaction related costs			1,062				14,699				7,202				30,006
Amortization of intangibles			24				24				72				72
Restructuring and abandonment costs			630				2,220				768				3,352
Adjusted General and Administrative (Non-GAAP)		$	24,440			$	26,070			$	85,247			$	84,372
Total Operating Expenses (GAAP)		$	179,052			$	193,023			$	565,033			$	580,620
Stock-based compensation			21,275				17,879				62,966				57,948
Legal and transaction related costs			1,062				14,699				7,202				30,006
Amortization of intangibles			520				520				1,560				1,559
Restructuring and abandonment costs			1,293				10,328				1,866				15,175
Adjusted Operating Expenses (Non-GAAP)		$	154,902			$	149,597			$	491,439			$	475,932
Total Operating (Loss) Income (GAAP)		$	12,589			$	(21,261	)		$	21,323			$	7,816
Stock-based compensation			21,930				18,329				64,961				59,549
Legal and transaction related costs			1,062				14,699				7,202				30,006
Amortization of intangibles			1,493				1,493				4,478				4,690
Restructuring and abandonment costs			1,293				10,328				1,866				15,175
Adjusted Operating Income (Non-GAAP)		$	38,367			$	23,588			$	99,830			$	117,236
Depreciation			10,539				10,716				30,676				30,364
Adjusted EBITDA (Non-GAAP)		$	48,906			$	34,304			$	130,506			$	147,600

Reconciliation of Net Income (Loss) to Adjusted EBITDA
(unaudited, dollars in thousands except percentages)
		Three Months Ended								Nine Months Ended
		June 29, 2024				July 1, 2023				June 29, 2024				July 1, 2023
(In thousands, except percentages)
Net income (loss)		$	3,709			$	(23,571	)		$	14,947			$	20,966
Add (deduct):
Depreciation and amortization			12,032				12,209				35,154				35,054
Stock-based compensation expense			21,930				18,329				64,961				59,549
Interest income			(2,629	)			(2,391	)			(9,638	)			(7,540	)
Interest expense			106				274				333				585
Other expense (income), net			2,464				(1,424	)			(4,507	)			(22,169	)
Provision for income taxes			8,939				5,851				20,188				15,974
Legal and transaction related costs (1)			1,062				14,699				7,202				30,006
Restructuring and abandonment costs (2)			1,293				10,328				1,866				15,175
Adjusted EBITDA		$	48,906			$	34,304			$	130,506			$	147,600
Revenue		$	397,146			$	373,356			$	1,262,676			$	1,350,108
Net income (loss) margin			0.9	%			(6.3	)%			1.2	%			1.6	%
Adjusted EBITDA margin			12.3	%			9.2	%			10.3	%			10.9	%
(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) Restructuring and abandonment costs for the three and nine months ended June 29, 2024, and July 1, 2023, are primarily related to our restructuring plan initiated on June 14, 2023, and also costs incurred in March 2023 related to the abandonment of portions of our office spaces.

Reconciliation of GAAP Net Income (Loss) to Non-GAAP Net Income
(unaudited, in thousands, except share and per share amounts)
		Three Months Ended							Nine Months Ended
		June 29, 2024			July 1, 2023				June 29, 2024			July 1, 2023
Reconciliation of GAAP net income (loss)
GAAP net income (loss)		$	3,709		$	(23,571	)		$	14,947		$	20,966
Stock-based compensation expense			21,930			18,329				64,961			59,549
Legal and transaction related costs			1,062			14,699				7,202			30,006
Amortization of intangibles			1,493			1,493				4,478			4,690
Restructuring and abandonment costs			1,293			10,328				1,866			15,175
Non-GAAP net income		$	29,487		$	21,278			$	93,454		$	130,386
Reconciliation of net income (loss) per share
GAAP net income (loss) per share, diluted		$	0.03		$	(0.18	)		$	0.12		$	0.16
Non-GAAP adjustments to net income (loss) per share			0.20			0.34				0.61			0.82
Non-GAAP net income per share, diluted		$	0.23		$	0.16			$	0.73		$	0.98
Weighted-average shares used in GAAP per share calculation, diluted			127,245,459			128,311,109				127,886,368			132,851,379
Weighted-average shares used in non-GAAP per share calculation, diluted			127,245,459			132,885,945				127,886,368			132,851,379

Reconciliation of Cash Flows Provided by Operating Activities to Free Cash Flow
(unaudited, dollars in thousands)
		Three Months Ended								Nine Months Ended
		June 29, 2024				July 1, 2023				June 29, 2024				July 1, 2023
Cash flows provided by operating activities		$	63,483			$	8,887			$	227,640			$	78,211
Less: Purchases of property and equipment			(23,214	)			(16,682	)			(39,477	)			(40,085	)
Free cash flow		$	40,269			$	(7,795	)		$	188,163			$	38,126

Revenue by Product Category
(unaudited, dollars in thousands)
		Three Months Ended						Nine Months Ended
		June 29, 2024			July 1, 2023			June 29, 2024			July 1, 2023
(In thousands)
Sonos speakers		$	301,105		$	289,740		$	991,378		$	1,070,117
Sonos system products			75,186			64,224			209,013			222,748
Partner products and other revenue			20,855			19,392			62,285			57,243
Total revenue		$	397,146		$	373,356		$	1,262,676		$	1,350,108

Revenue by Geographical Region
(unaudited, dollars in thousands)
		Three Months Ended						Nine Months Ended
		June 29, 2024			July 1, 2023			June 29, 2024			July 1, 2023
Americas		$	264,611		$	251,616		$	827,238		$	844,714
Europe, Middle East and Africa			110,902			105,312			372,074			434,806
Asia Pacific			21,633			16,428			63,364			70,588
Total revenue		$	397,146		$	373,356		$	1,262,676		$	1,350,108

Stock-based Compensation
(unaudited, dollars in thousands)
		Three Months Ended						Nine Months Ended
		June 29, 2024			July 1, 2023			June 29, 2024			July 1, 2023
(In thousands)
Cost of revenue		$	655		$	450		$	1,995		$	1,601
Research and development			9,735			8,637			29,133			27,353
Sales and marketing			4,510			3,590			13,297			12,178
General and administrative			7,030			5,652			20,536			18,417
Total stock-based compensation expense		$	21,930		$	18,329		$	64,961		$	59,549

Amortization of Intangibles
(unaudited, dollars in thousands)
		Three Months Ended						Nine Months Ended
		June 29, 2024			July 1, 2023			June 29, 2024			July 1, 2023
Cost of revenue		$	973		$	973		$	2,918		$	3,131
Research and development			496			496			1,488			1,487
Sales and marketing			-			-			-			-
General and administrative			24			24			72			72
Total amortization of intangibles		$	1,493		$	1,493		$	4,478		$	4,690

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, 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 (loss) 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, income taxes, restructuring and abandonment costs, legal and transaction related fees 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. 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 (loss) per share 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 divided by our number of shares at fiscal year end. 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, financial, growth and business strategies and opportunities, growth targets, our product cycle and roadmap, our new Sonos app and our action plan to address issues caused by our new app, profitability and gross margins, 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; our ability to introduce software updates to fix bugs, improve the customer experience and add back certain features to our new app on a timely basis and otherwise deliver on our action plan to address issues caused by our new app; our ability to maintain, enhance and protect our brand image; the impact of global economic, market and political events, including continued inflationary pressures, high 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 compete in the market and maintain or expand market share; 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; our ability to protect our brand and intellectual property; and the other risk factors set forth under the caption “Risk Factors” in our Quarterly Report on Form 10-Q for the quarter ended March 30, 2024 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.

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Investor Contact

James Baglanis

IR@sonos.com

Press Contact

Erin Pategas

PR@sonos.com

Source: Sonos

FAQ

What were Sonos's revenue and net income for Q3 fiscal 2024?

Sonos reported a revenue of $397.1 million and a GAAP net income of $3.7 million.

What is the EPS for Sonos in Q3 fiscal 2024?

The GAAP EPS for Sonos was $0.03, while the non-GAAP EPS was $0.23.

What was the gross margin for Sonos in Q3 fiscal 2024?

The gross margin for Sonos was 48.3%.

What were the issues reported by Sonos in Q3 fiscal 2024?

Sonos faced issues with the rollout of their new app, leading to a reduction in fiscal 2024 guidance.

What new product contributed to Sonos's revenue growth in Q3 fiscal 2024?

The launch of the Ace headphones contributed to the revenue growth.