After reporting bumpy third quarter earnings on Wednesday, Sonos introduced that it has determined to push again a product launch that was initially penciled in for the close to future. The product in query is nearly actually the long-awaited Sub Mini, a extra inexpensive subwoofer that will be a part of the corporate’s residence theater lineup alongside the prevailing $749 Sub.
The Sub Mini appeared on the FCC in June. If Sonos had adopted its typical window of time between that submitting and a shopper launch, the product would’ve been arriving comparatively quickly. However Sonos says it’s now been delayed till the fiscal first quarter of 2023. “We at all times think about the sort of product that it’s, and the timing,” CEO Patrick Spence stated on the decision. “We stay dedicated to 2 new product launches annually.”
Sonos spokesperson Erin Pategas confirmed the information to The Verge in an e-mail, saying “I can affirm we determined to push an anticipated product launch from This fall ’22 into Q1 ’23.” That will put its rescheduled arrival someday between October and December.
Sonos’ Q3 earnings have been properly off the mark of the corporate’s income expectations. “Now we have seen the macroeconomic backdrop change into considerably tougher for us beginning in June because the greenback’s appreciation and excessive inflation have adversely affected shopper sentiment globally, significantly within the classes by which we play,” Spence stated within the firm’s earnings launch.
Throughout a name on Wednesday afternoon, outgoing CFO Brittany Bagley stated Sonos is at present holding onto extra stock than it could like and faces a “difficult This fall.” The corporate pointed to smooth demand for the $179 Sonos Ray soundbar as one motive for its income miss. However Sonos partially blamed that on a slowdown in TV gross sales, and the corporate voiced optimism that the Ray will finally show very profitable as its entry-level soundbar on account of constructive critiques and its interesting value.