Struggling audio company Sonos says it’s turning things around. Are customers listening?
CNN
Sonos is attempting to turn around its fortunes after a dismal 2024 that shattered customer trust and dented the company’s reputation.
Sonos was once a pioneer in wireless home audio, holding its own against giants like Apple and Google in the niche market of premium speaker equipment. But after nearly a year of missteps and disappointment, the company says it has a plan to turn around its misfortunes – and regain customer trust. The audio company has been in turmoil after a dysfunctional app update last May caused customer outrage, overshadowing the launch of its first-ever headphones. The app meltdown cost the company $100 million, the CFO estimated late last year. Share prices slid (SONO). Chief executive Patrick Spence stepped down in January, and on February 5, Sonos laid off 200 employees, or 12% of its workforce, adding to the company’s struggles. “As a longtime passionate customer myself, I know the magic of Sonos, but I also know the extreme disappointment of the company’s recent app challenges,” interim CEO Tom Conrad said on the company’s earnings call on February 6. The company is reshuffling its product-focused teams into groups organized around topics like hardware, software, quality, design and operations, rather than individual product categories, Conrad said on that call. “It’s salvageable, but they’ve got to act quick,” said Brent Thill, an analyst at Jefferies who covers Sonos. “They have great products. It’s just I think they’ve lost some of the consumer thrust and excitement, and they’ve got to get back quick to regain this.”
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