Sonos officially filed for an IPO a few days ago, as a move towards standing out as an audio company within a world of smart speakers. Sonos was instituted in the year 2002 and since that time up till now, the company has made huge advancements and has developed into a big voice in the industry of speakers with a name that is covers almost everything aside the fact that is one and the same with the concept of multi-room audio setups. Our sources say Sonos will go on sale on the Nasdaq Global Select Market under the emblem “SONO”.
Filing for an IPO has provided information on the numbers in the Sonos’ business. On the 31st of March, the company reported that it sold 19 million products in about 6.9 million households in the world, and this statistic increase the company’s rep. The company also hypes that its customers are disposed to listen to “80 percent more music” after buying the device.
The filing also provided us with a detail of the company’s latest earnings. In the past six months from October 2017 to March this year, the company has generated $655.7 million in revenue having a net income of $13.1 million.
However, the $992.5 million the company made in revenue in the previous year even though it was increased by 10 percent in 2016 was not enough to produce more income than expenditure for the company as it made a net loss of $14.2 million for the fiscal year. Also, the company added that 55 percent of this revenue was not generated within the United States.
Sonos stated that its present business model relies heavily on the integration it made with external services and partners such as Spotify, Apple and Amazon. The company further notes that because of this filing, its partnership with Amazon which provides Sonos One and Sonos Beam with access to Alexa can easily be revoked by Amazon without notice, in other words, Amazon can end the Sonos integration if it happens to want less competition for its own Echo speakers.
