Saturday, 22 September, 2018


High-end speaker company Sonos is going public

A wall of Sonos speakers signed by musicians at the company’s Seattle office A wall of Sonos speakers signed by musicians at the company’s Seattle office
Conrad Doyle | 08 July, 2018, 19:06

Along with rich rivals, the company warned that an escalation of the trade war between the USA and China could significantly damage its business. For example, Sonos One and Sonos Beam feature voice-control enablement powered by Amazon's Alexa technology while Amazon now competes by offering speaker products of their own. However, the company did set a placeholder amount of $100 million. It plans to list on the Nasdaq Global Select Market under the symbol SONO, according to a regulatory filing Friday. With Alexa-powered Sonos speakers, customers can use voice commands to play music and operate other smart devices.

But as Sonos goes public, it's required to disclose any potential risks to its business.

The company named Bang & Olufsen A/S, Bose Corp. and Samsung Electronics Co. among its main rivals, alongside newer entrants Amazon.com Inc., Apple Inc. and Alphabet Inc.'s Google. "As such, it is possible that Amazon, which sells products that compete with ours, may on limited notice disable the integration, which would cause our Sonos One or Sonos Beam products to lose their voice-enabled functionality".

It also points to the opportunity presented by growing interest in voice assistants - Sonos released its first voice-enabled speaker, the Sonos One, last year, but rather than building its own assistant, it integrates with Amazon Alexa and has plans to add support for Apple's Siri (via Airplay 2) and Google Home this year. This filing gave some insight into the financials behind the company. "Because AWS runs its own platform that we access, we are vulnerable to both system-wide and Sonos-specific service outages at AWS".

The company says it has registered over 19 million devices since it was founded in 2002. Users listened to 5 billion hours of audio content using Sonos products in fiscal 2017, up 33% year-over-year.

In preparation for its anticipated IPO, Sonos cut about 6 per cent of its workers to help boost profitability. The company made almost $1 billion in revenue in the past fiscal year, although it had a net loss of 14.2 million.

Its next largest holders are Index Ventures and Sonos co-founder and chief executive officer John MacFarlane, who each own about 13 per cent.

Sonos had raised $455 million from investors including KKR, Index Ventures and Redpoint Ventures.

Recommended

loading...
...

Jobs Numbers: U.S. Adds 213,000 in June 2018 The unemployment rate jumped from 3.8%, the lowest since 2000, to 4% because more people joined the labor force to look for work. Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc .

England beats Sweden 2-0 to reach World Cup semis England beats Sweden 2-0 to reach World Cup semis The 1966 World Cup winners England will face Sweden in Samara , where they will fight for a coveted place in the semi-finals. I don't feel this was my best performance on the pitch but for the team and the country to be in a semi-final is fantastic .

North Korea Calls Talks 'Regrettable' After U.S. Says Progress Was Made North Korea Calls Talks 'Regrettable' After U.S. Says Progress Was Made President Donald Trump declared the North was no longer a threat and would hand over the remains of American soldiers. He added that talks would be held soon on the destruction of North Korea's missile engine testing facility.

Gareth Southgate hails Harry Maguire’s World Cup impact Gareth Southgate hails Harry Maguire’s World Cup impact Harry Maguire , whose opening goal set up England's victory, said on BBC TV: "It can't get better than that". Meanwhile, here is what Gareth Southgate said. "We'll just check if there's any reaction to that".

New Suzuki Jimny launched in Japan, to arrive in other markets soon New Suzuki Jimny launched in Japan, to arrive in other markets soon The new Jimny sticks with low range gear selector for its 4WD system to the former system to maximise its off-road adjustability. It's also now expected to arrive in the United Kingdom in 2019, earlier than previously thought.

‘Classy’ Federer marches on at Wimbledon ‘Classy’ Federer marches on at Wimbledon Her exit means eight of the top 10 seeded women have gone out before the end of Week 1. "I will never underestimate any opponent". Seven-times champion Williams rallied from 5-3 down in the second set to put away France's Kristina Mladenovic 7-5 7-6 (7-2).

U.S. Navy warships sail through Taiwan Strait U.S. Navy warships sail through Taiwan Strait Washington has no formal ties with Taiwan but is bound by law to help it defend itself and is the island's main source of arms. China maintains Taiwan is a breakaway province and not an independent nation.

Harrington off to a flyer at Irish Open Harrington off to a flyer at Irish Open I haven't played here in 12 years and I'd sort of forgotten how good it was and how attractive the area was", said McIlroy. It was just to give myself a chance and to put myself in positions to see how I fair. "I did that at Augusta".

'No New Policy' on Immigrants Joining Military, Says Pentagon 'No New Policy' on Immigrants Joining Military, Says Pentagon Army as part of a special recruitment program offering immigrants in the country legally a path to citizenship. Some of the service members told the Associated Press their discharges were left unexplained.

Michelle Booker-Hicks, Mom of 2, Shoots Carjacker in the Face Michelle Booker-Hicks, Mom of 2, Shoots Carjacker in the Face He says it's unlikely Booker-Hicks would face charges for leaving her kids in the auto or for choosing to shoot Wright. Wednesday night in southern Dallas , when a man jumped in her auto and tried to drive away with her two kids inside.

England to face Croatia in semi-finals Speaking after the game, captain Harry Kane said: "I thought we were fantastic today, Sweden made it very hard ". The victor battles France or Belgium in the 2018 World Cup final on July 15 in Moscow.

Canada probes row between U.S. customs, fishermen on disputed island area Canada probes row between U.S.  customs, fishermen on disputed island area The area in question is around Machias Seal Island , an 8-hectare (20-acre) rock island at the Maine-New Brunswick border. Resolving the dispute doesn't necessarily mean ceding the waters and island to one nation or the other, said Kelly.

Rakitic And Croatia Following Inspirational Modric In Quest For World Cup Rakitic And Croatia Following Inspirational Modric In Quest For World Cup Croatia was a ideal three-for-three on their final penalty kicks, and Ivan Rakitic converted the game-winner to advance Croatia. Both Russia and Croatia fought really hard as the regulation time of the game ended 1-1. "We were lucky.

Dana White Confirms Daniel Cormier Will Fight Brock Lesnar Dana White Confirms Daniel Cormier Will Fight Brock Lesnar For now though, Cormier has firmly inserted himself into the "Greatest Of All-Time" conversation along with the likes of St. Lesnar thought that Stipe Miocic would win the fight against Daniel Cormier because Cormier put on some weight.

North Korea says Pompeo talks 'regrettable' North Korea says Pompeo talks 'regrettable' Secretary of State Mike Pompeo drives towards Kumsusan Palace of the Sun in Pyongyang , North Korea, Friday , July 6, 2018. Both said they needed to "clarify" certain elements of their previous discussions, but provided no detail.