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Sunday, May 26, 2024

Sonos lays off 7 % of workers as demand cools for its audio system

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In a submitting with the SEC on Wednesday, Sonos shared information that it’s shedding 7 % of its employees. The corporate is “additionally dedicated to additional lowering its actual property footprint and re-evaluating sure program spend,” Sonos stated in the 8-K filing. The corporate reported having 1,844 workers as of last October. It’s cheap to imagine Sonos has employed extra individuals since then, however that whole signifies the cuts would have an effect on no less than 130 roles.

“We’ve acknowledged that if we began to deviate from our efficiency expectations, we’d take motion to adapt and defend profitability whereas nonetheless investing in our thrilling product roadmap to drive future progress,” Sonos CEO Patrick Spence stated in a press release. “Within the face of continued headwinds, we now have needed to make some onerous selections, together with eliminating some positions and reevaluating program spend.”

“Proper now, our primary precedence is offering our departing teammates a respectful and compassionate transition and have centered on offering sources to assist our workers financially, mentally, and professionally as they navigate what comes subsequent,” Spence added.

Like many electronics makers, Sonos is presently going through tender demand for its vary of merchandise.
Photograph by Chris Welch / The Verge

This time round, the corporate “estimates that it’ll incur roughly $11 to $14 million of restructuring and associated prices, of which $9 to $11 million is said to worker severance and advantages prices.” Sonos presently operates 10 offices globally, with US areas in Santa Barbara (the place it’s headquartered), Boston, Seattle, and San Francisco. However the firm has been a robust proponent of hiring full-time distant staff during the last couple years, so a few of these areas are more likely to shut earlier than lengthy.

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