In a new filing with the SEC, Sonos has announced changes it’s making to cut costs. Unfortunately one of those is letting go of roughly 7% of its employees while another measure is slimming down its real estate footprint.
Spotted by Seeking Alpha, Sonos filed the 8-K report yesterday with the first major change noted in the cost-cutting measures being layoffs.
In its effort to “rightsize its cost base while still investing in its product roadmap,” Sonos goes on to say that it will reduce its real estate footprint and also be “re-evaluating certain program spend.”
Here’s the statement in the SEC filing:
On June 14, 2023, Sonos, Inc. (the “Company”) announced a reduction in force involving approximately 7% of our employees. Decisions regarding the elimination of positions are subject to local law and consultation requirements in certain countries. The Company also committed to further reducing its real estate footprint and re-evaluating certain program spend. The foregoing actions were committed to on June 13, 2023 and reflect the Company’s commitment to rightsize its cost base while still investing in its product roadmap to drive future growth.
Sonos estimates that it will spend between $11 and 14 million to make the above changes with $9 to 11 million of that needed to pay employee severance and benefits.
Sonos has ~1,844 employees so the 7% cut will lay off roughly 130 staff.
9to5Mac’s Take
Tough macroeconomic conditions and increasing competition from Apple, Google, and Amazon are two of the big challenges Sonos faces.
I’ve been a Sonos user for over a decade so I’m always rooting for them on a personal level plus they were the company that really kickstarted the smart speaker innovation that saw the major tech giants follow suit.
My heart goes out to all the employees affected by the layoffs. One bit of positive conjecture, with Sonos winning its infringement lawsuit against Google last month – worth $32.5 million – that means the layoffs could be lower than if the company had not won the case.
If you want to support Sonos, check out their latest like the impressive Era 300 and 100 smart speakers, portable Move and Roam speakers, and more.
"employee" - Google News
June 14, 2023 at 08:44PM
https://ift.tt/n7a6X2j
Sonos announces employee layoffs - 9to5Mac
"employee" - Google News
https://ift.tt/dfRlDpu
https://ift.tt/xGMvYbg
Bagikan Berita Ini
0 Response to "Sonos announces employee layoffs - 9to5Mac"
Post a Comment