Audio technology company Sonos has announced layoffs affecting approximately 200 employees, approximately 6% of its workforce, following a troubled launch of its new smartphone app. CEO Patrick Conrad cited the need for a restructured organizational approach to enhance efficiency, emphasizing flatter and smaller teams focused on core experience and product delivery. The company has also reorganized its Product organization into functional groups for Hardware, Software, Design, Quality, and Operations. Sonos's financial performance has been impacted, with revenue dropping 8.3% year-over-year and a net profit turning into a net loss in fiscal year 2024.
Sonos , the audio technology company known for its elegant, compact speakers, has laid off approximately 200 people, the company announced on Wednesday .— about 6% of Sonos ’ workforce at the time — in August 2024 after a disastrous rollout of a new smartphone app forced the company to lower sales projections and delay product launches.
The company’s woes are evident in its financial statements. In fiscal year 2024 , Sonos’ revenue dropped 8.3% from the prior year and came in 13.4% below fiscal 2022’s revenue. Over that time span, a $67.4 million net profit turned into a $38.1 million net loss despite Sonos reaching a high of 3.08 products per household, up from 3.05 in fiscal 2023, and being in 16.3 million homes.
With news of the layoffs hitting after markets closed on Wednesday, Sonos shares fell 2.2%, to $13.95, in after-hours trading. The stock is well below its 52-week high of $19.76 set in March 2024 but has reclaimed some losses after falling to a low of $10.23 in August. Sonos hit an all-time high of $44.72 on April 14, 2021.
SONOS Layoffs App Rollout Financial Performance Restructuring
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