Sonos files for an IPO

07 July, 2018, 17:12 | Author: Eric Barnett
  • Sonos files for $100M IPO as it seeks to stem losses in face of growing competition

Since the company was founded in 2002, Sonos-Latin for "sounds"-has been doing exactly that".

Sonos is among a number of companies riding the wave of smart speakers that's been dominated by Amazon, its Echo devices and its Alexa voice assistant.

Looking at the broader landscape, Sonos emphasizes its role as an independent player that can work with music streaming services like Apple Music, Pandora, Spotify and TuneIn.


Sonos' commitment to excellent, easy to use, wireless, multi-room speaker systems has paid off, to some extent.

In yet another sign of how home audio systems and smart speakers have become the technology of the moment, speaker maker Sonos has filed to go public. This filing gave some insight into the financials behind the company. This means the company's business model is working, kind of -users buy almost three speakers, on average, meaning that users are indeed buying home audio systems, and not just speakers.

In preparation for its anticipated IPO, Sonos cut about 6 percent of its workers to help boost profitability. This was, however, an improvement on the previous year. In 2016, the company reported a net loss of $38.2 million from $901.3 million in revenue. Things look a bit better more recently, however, as the company earned $655.7 million in the six-month period ending March 31, 2018, an 18 percent increase compared to the year-ago period. The company set a placeholder amount of US$100 million to indicate the size of the IPO. Shares will be listed on the Nasdaq, under the ticker "SONO". For example, Sonos One and Sonos Beam feature voice-control enablement powered by Amazon's Alexa technology while Amazon now competes by offering speaker products of their own. The company named Bang & Olufsen A/S, Bose Corp. and Samsung Electronics Co. among its main rivals, alongside newer entrants Amazon.com Inc., Apple Inc. and Alphabet Inc.'s Google. "We're deeply committed to keeping Sonos open to every voice assistant, streaming service and company that wants to build on our platform".

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