Sonos is ready to slash 7 percent of its workforce, or 130 jobs, quoting revenue decline.
The wireless speaker maker announced on Wednesday, June 14th, that it would reduce its workforce by about 7 percent as it faces continued challenges in the market.
According to a notice filed with the United States Securities and Exchange Commission (SEC), the company is committed to “reducing its real estate footprint and re-evaluating certain program spend.” The notice also mentions that the company expects to incur $11 million ($14.6 million CAD) to $14 million ($18.6 million CAD) in restructuring and related charges. A majority of it will go to employee severance and benefits costs.
In a statement given to Engadget, Sonos chief Patrick Spence said that the company had already planned to protect its profitability in case its performance did not meet expectations.
Sonos had previously laid off 12 percent of its staff in 2020 in response to the pandemic. The company has also been swinging between profit and loss for multiple quarters. It lost $30.7 million in the second quarter of 2023, compared to $8.6 million in profit in the same time frame last year.
Sonos’ patent infringement woes with Google haven’t been settled either. Read more about the ongoing saga here.
Source: United States Securities and Exchange Commission Via: Engadget
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