1 week Ago By David Richards
Sono’s losses have widened in the last quarter while revenues have slumped following their disastrous new app roll out and a lukewarm response to their recently released Ace headphone Arc Ultra and Sub 4, which was supposed to increase revenues at the struggling US Company. During the past three months revenues which included their Ace headphones fell 20% to US$255M from US$305M as of September 2023. Revenue for the past 12 months to September 2024, fell from $1.
65 billion to $1.58 billion. Losses for the past three months have gone from $28.
3M in September 2023 to $69.3M as of September 2024. Sonos reported quarterly GAAP losses of 44 cents per share, which missed the analyst consensus estimate for losses of 38 cents.
Quarterly revenue came in at $255.4 million, which beat the analyst consensus estimate of $249.49 million.
12 months losses to September 2024 have blown out from US$20.57M to $48.064M.
In Asia Pacific of which Australia is their largest region revenues fell 7% from US$89M to $83 million for the 12 months to September 2024. Sonos who have already laid off 6% of their workforce saw their shares fall $18% as the app debacle unfolded. Under siege CEO Patrick Spence claims that the business has made significant progress in bringing the quality of our software to a level that that the Company believes will be acceptable to the market.
Spence said that “Initial feedback on our new products has been very positive, which, along with the introduction of Ace earlier this year, makes our product lineup the strongest it’s ever been”. He failed to discuss the loss of Sonos customers who have been affected by the roll out of an app that appears to have not been tested fully prior to it nobbling customers sound systems. Fiscal 2024 Financial Highlights (unaudited) Revenue of $1,518.
1 million GAAP net loss of $38.1 million, GAAP diluted earnings per share (EPS) of -$0.31 Non-GAAP net income 1 of $71.
4 million, Non-GAAP diluted EPS 1 of $0.56 Adjusted EBITDA 1 of $107.9 million Fourth Quarter Fiscal 2024 Financial Highlights (unaudited) Revenue of $255.
4 million GAAP gross margin of 40.3% GAAP net loss of $53.1 million, GAAP diluted earnings per share (EPS) of -$0.
44 Non-GAAP net loss 1 of $22.1 million, Non-GAAP diluted EPS 1 of -$0.18 Adjusted EBITDA 1 of -$22.
6 million Summary Revenue declined 8.3% to $1.52 billion in fiscal 2024.
Reported GAAP net loss of $38.1 million in fiscal 2024. Q4 revenue dropped 16.
3% to $255.4 million. Implemented 6% workforce reduction in restructuring plan.
Facing continued headwinds in audio category. More to come..
.
