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Sonos (SONO) to Reportedly Foray Into the Headphone Market
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Sonos (SONO - Free Report) is planning to enter the headphones market by launching a new product priced at approximately $400 by April 2024, per a report from Bloomberg. Not only headphones, Sonos is planning to expand its product portfolio and improve its existing offerings to boost its top-line performance. However, there has been no official comment on the matter from Sonos.
Bloomberg added that Sonos is also working on a TV set-top box to compete with Apple and Roku. The TV set-top box, which will likely be available by late 2024, will feature popular streaming service apps. It will be priced around $150 to $200.
The company is also reportedly developing amplifiers, in-ceiling speakers for installers, a high-end TV sound bar and new subwoofers. Also, the company plans to roll out updates to its Roam speaker lineup and launch a business version of its Era 100 speaker.
The company is also enhancing its voice control system and smartphone application. Sonos plans to introduce software codenamed "Passport", which will allow users to control headphones and other products remotely via a smartphone app, added Bloomberg.
The headphones will feature the current Sonos voice commands and an advanced "Voice 2.0" version by the second half of 2024. Additionally, the company plans to release a second-generation Roam speaker (codenamed Sidecar) by mid-2024. The second-generation Roam speaker will feature a redesigned top with touch-controlled volume slider.
Sonos is a consumer electronics company that is primarily involved in manufacturing smart speakers with immersive sound experiences. The company’s performance is being affected by reduced customer demand in Europe and the APAC region amid volatile macroeconomic conditions. In the last reported quarter, the company’s sales decreased 3.5% (down 5.1% on a constant-currency basis) year over year to $305.1 million.
Going ahead, the flywheel initiatives are likely to aid the company in expanding its customer base and monetize the existing customer install base by expanding its geographic reach. Moreover, the company was upbeat regarding new product launches and expects to generate more than $100 million from new product introductions in fiscal 2024.
The company has launched six new products and services in fiscal 2023, with Move 2 being the most recent product introduction. It is the next-generation version of its Move speaker, unveiled in September 2023. In March 2023, the company had also launched two new smart speakers, the Sonos Era 300 and Sonos Era 100.
SONO currently has a Zacks Rank #3 (Hold). The stock lost 21% against the sub-industry’s growth of 5.9% in the past year.
The Zacks Consensus Estimate for Pegasystems’ 2023 earnings per share (EPS) has improved 21.2% in the past 60 days to $1.77. PEGA’s earnings has an average surprise of 1,250.2% in the trailing four quarters. Shares of PEGA have jumped 38% in the past year.
The Zacks Consensus Estimate for Flex’s fiscal 2024 EPS has increased 3.6% in the past 60 days to $2.56. Flex’s long-term earnings growth rate is 12.4%. Shares of the company have risen 27.9% in the past year.
The Zacks Consensus Estimate for Badger Meter’s 2023 EPS has improved 7.3% in the past 60 days to $3.07.
Badger Meter’s earnings outpaced the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average surprise of 10.3%. Shares of BMI have rallied 25.2% in the past year.
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Sonos (SONO) to Reportedly Foray Into the Headphone Market
Sonos (SONO - Free Report) is planning to enter the headphones market by launching a new product priced at approximately $400 by April 2024, per a report from Bloomberg. Not only headphones, Sonos is planning to expand its product portfolio and improve its existing offerings to boost its top-line performance. However, there has been no official comment on the matter from Sonos.
Bloomberg added that Sonos is also working on a TV set-top box to compete with Apple and Roku. The TV set-top box, which will likely be available by late 2024, will feature popular streaming service apps. It will be priced around $150 to $200.
The company is also reportedly developing amplifiers, in-ceiling speakers for installers, a high-end TV sound bar and new subwoofers. Also, the company plans to roll out updates to its Roam speaker lineup and launch a business version of its Era 100 speaker.
Sonos, Inc. Price and Consensus
Sonos, Inc. price-consensus-chart | Sonos, Inc. Quote
The company is also enhancing its voice control system and smartphone application. Sonos plans to introduce software codenamed "Passport", which will allow users to control headphones and other products remotely via a smartphone app, added Bloomberg.
The headphones will feature the current Sonos voice commands and an advanced "Voice 2.0" version by the second half of 2024. Additionally, the company plans to release a second-generation Roam speaker (codenamed Sidecar) by mid-2024. The second-generation Roam speaker will feature a redesigned top with touch-controlled volume slider.
Sonos is a consumer electronics company that is primarily involved in manufacturing smart speakers with immersive sound experiences. The company’s performance is being affected by reduced customer demand in Europe and the APAC region amid volatile macroeconomic conditions. In the last reported quarter, the company’s sales decreased 3.5% (down 5.1% on a constant-currency basis) year over year to $305.1 million.
Going ahead, the flywheel initiatives are likely to aid the company in expanding its customer base and monetize the existing customer install base by expanding its geographic reach. Moreover, the company was upbeat regarding new product launches and expects to generate more than $100 million from new product introductions in fiscal 2024.
The company has launched six new products and services in fiscal 2023, with Move 2 being the most recent product introduction. It is the next-generation version of its Move speaker, unveiled in September 2023. In March 2023, the company had also launched two new smart speakers, the Sonos Era 300 and Sonos Era 100.
SONO currently has a Zacks Rank #3 (Hold). The stock lost 21% against the sub-industry’s growth of 5.9% in the past year.
Image Source: Zacks Investment Research
Stocks to Consider
Some better-ranked stocks in the broader technology space are Pegasystems (PEGA - Free Report) , Flex (FLEX - Free Report) and Badger Meter (BMI - Free Report) . Each stock presently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Pegasystems’ 2023 earnings per share (EPS) has improved 21.2% in the past 60 days to $1.77. PEGA’s earnings has an average surprise of 1,250.2% in the trailing four quarters. Shares of PEGA have jumped 38% in the past year.
The Zacks Consensus Estimate for Flex’s fiscal 2024 EPS has increased 3.6% in the past 60 days to $2.56. Flex’s long-term earnings growth rate is 12.4%. Shares of the company have risen 27.9% in the past year.
The Zacks Consensus Estimate for Badger Meter’s 2023 EPS has improved 7.3% in the past 60 days to $3.07.
Badger Meter’s earnings outpaced the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average surprise of 10.3%. Shares of BMI have rallied 25.2% in the past year.