Sonos, Inc. - SONO STOCK NEWS

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.

Sonos has scheduled its fourth quarter and fiscal 2024 financial results announcement for November 13, 2024, after market close. The company will release financial results for the period ended September 28, 2024, accompanied by a slide presentation. A conference call and Q&A session will be held at 5:00 p.m. Eastern Time, accessible via webcast or phone. The webcast replay and transcript will be available after the call through the investor relations website.

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.