Sonos ( SONO Quick Quote SONO - Free Report) announced the launch of its new speaker, Sub Mini, to further expand its home theater product line. The speaker is priced at $429 and is scheduled to be launched on Oct 6, 2022.
The Sub Mini features an acoustically sealed cabinet with woofers facing inward that creates a force-canceling effect, which reduces distortion and provides its users with an immersive audio experience. It can also be paired with the company’s existing line of home theater products like Beam or Ray.
The new speaker can be easily installed via the Sonos app. Customers can also leverage Trueplay to fine-tune Sub Mini’s sound, which adjusts the speaker’s sound per its surroundings.
Headquartered in Santa Barbara, CA, Sonos operates as a consumer electronics company that is primarily involved in the manufacturing.
In the last reported quarter, the company delivered non-GAAP earnings of 19 cents per share, down 29.6% on a year-over-year basis.
Quarterly revenues declined 1.8% (up 2.2% on a constant-currency basis or cc) year over year to $372 million, owing to soft demand for its products amid continued supply constraints and unfavorable foreign exchange movements. Revenues for Sonos speakers were $314.2 million, up 1.3% from the prior-year quarter’s levels.
The company also slashed its guidance for 2022, owing to weak global macroeconomic conditions, lingering supply-chain troubles, moderating run rates in business and caution from some of the company’s retail channel partners.
Sonos now expects revenues to increase 1-2% year over year in the range of $1.73-$1.76 billion. The company’s earlier expected revenues increased 14-16% year over year in the range of $1.95-$2 billion.
Sonos currently carries a Zacks Rank #3 (Hold). Shares of the company have lost 57.8% compared with the
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