High-end speaker company Sonos is going public

View Comments			FacebookTwitterGooglePinterestLinkedInReddit

Sonos cited its net losses and competition from the likes of Apple, Amazon, and Google as potential risk factors, noting how it depends on these companies for some of the features its own speakers provide.

In 2017, Sonos reported revenue of $992.5 million, a 10 percent increase over the prior year, and a $14.2 million loss.

In yet another sign of how home audio systems and smart speakers have become the technology of the moment, speaker maker Sonos has filed to go public.

Sonos on Friday filed for an initial public offering with plans to trade on the Nasdaq under the symbol "SONO". Indeed, Sonos speakers offer a tempting alternative to the Amazon Echo for customers who want to use Alexa, as Sonos speakers offer better sound quality.

Sonos' IPO filing said it planned to raise $100 million. The company set a placeholder amount of US$100 million to indicate the size of the IPO. Should Amazon see a threat from Sonos, the tech giant could disable Alexa on the Sonos One and Beam with little notice, leaving the speakers without voice capabilities, according to the filing.

In a recent interview with Variety, CEO Patrick Spence - while not commenting on the upcoming IPO - said 2018 would be a watershed year for the 16-year-old company.

Sonos has a frenemy-style relationship with Amazon, Google and Apple. Its products are being integrated in Apple's new AirPlay 2 wireless music-streaming system and Google's Assistant.

Also of interest is Sonos' estimate that customers listen to roughly 70 hours of content per month. A little over half of its fiscal 2017 revenue came from outside the US. In the potential risks section of its IPO filing, Sonos notes that the United States big-box retailer Best Buy accounted for 17% of its revenue for the first half of this year, and the ALSO Group-its distributor in Germany, Sweden, Denmark and Norway-accounted for 12%. That could impose a huge financial burden on Sonos if Inventec's operations are disrupted.

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

Related News:

  • Statue of Liberty climber unrepentant; Trump calls her clown

    Statue of Liberty climber unrepentant; Trump calls her clown

    The climb was hard enough that it took NYPD officers about three hours to reach her and get her down. She is due back in court August 3.
    Zach LaVine signs Kings offer sheet; Bulls to match

    Zach LaVine signs Kings offer sheet; Bulls to match

    RFA Zach LaVine has agreed to a four-year, $80M offer sheet with the Sacramento Kings , league sources tell Yahoo. LaVine has averaged 14 points and 3.2 assists over his four-year National Basketball Association career.

    Washington and Pyongyang get down to 'nitty gritty' in nuclear talks

    It was unclear whether Pompeo would meet Kim Jong Un, as he did on his previous trips, before heading for Tokyo later on Saturday. Mr Pompeo left the negotiations venue to make a secure phone call to update President Donald Trump on the talks, the report said.
  • Hartley cleared for qualifying after scary crash in final practice

    On top of that, the team faces a fix job to ensure Hartley's vehicle is ready for qualifying, which starts at 2pm local time. Brendon Hartley has a massive accident during Practice 3 of the British GP from Silverstone.
    Authorities say Thai schoolboys 'not ready' for underwater cave escape

    Authorities say Thai schoolboys 'not ready' for underwater cave escape

    Our last trip together was to Malaysia". "Dear all kids' parents, now all of them are fine, the rescue team is treating us well". The boys, 11 to 16, and their 25-year-old coach went exploring in the cave after a soccer game on June 23.
    New warning of possible hosepipe ban in the North West

    New warning of possible hosepipe ban in the North West

    Around 140 people have been reported for flouting the hosepipe ban in Northern Ireland, NI Water has confirmed. The region has not seen rain for three weeks, which is leading to a drop in water levels at reservoirs.
  • Morales hot, Stroman not as Blue Jays fall to the Mets

    Morales hot, Stroman not as Blue Jays fall to the Mets

    There were plenty of hugs, high-fives and smiles from the players, Gibbons and the coaching staff. He shone in the playoffs and had a penchant for coming up with the clutch hit - or homer.
    Trump's Mar-a-Lago wants to hire 61 foreign workers

    Trump's Mar-a-Lago wants to hire 61 foreign workers

    On the application, club managers attest they can't find enough Americans qualified, willing and available to do the work. In May, the Department of Homeland Security said it would allow an additional 15,000 H-2B visas in 2018.
    Kyle Anderson signs 4-year, $37.2 million offer sheet with Memphis Grizzlies

    Kyle Anderson signs 4-year, $37.2 million offer sheet with Memphis Grizzlies

    Anderson's career year in 2017-18 brought him this lucrative multi-year deal from the Grizzlies. Rudy Gay was already re-signed to be a hybrid forward, but he's there for his offensive game.
  • Thai coach apologizes to parents as boys write they're OK

    Thai coach apologizes to parents as boys write they're OK

    To avoid the flooding, the rescue team will likely take place within the next couple of days. "We will soldier on", he said. Thailand's Navy SEAL commander also said rescuers may have little choice but to attempt the hard extraction of the group.
    Fortnite Movie Titles: Search Between Movie Titles Challenge Guide

    Fortnite Movie Titles: Search Between Movie Titles Challenge Guide

    The area in question is just northeast of Junk Junction, where a cluster of buildings, including a movie studio, is located. Do note that other players will also be wanting to complete this Season 4 Battle Pass challenge, so expect competition.
    Mark Zuckerberg tops Buffett to become world's third-richest man

    Mark Zuckerberg tops Buffett to become world's third-richest man

    The "Oracle of Omaha" has donated about 290 million Class B shares, which are now worth more than $50 billion, Bloomberg noted. Overall, the sector has contributed about one-fifth of the $5 billion in wealth tracked by the index, Bloomberg reported .


Most liked

Dutch Speed Trading Firm Enters Crypto Market Despite Regulator’s Warnings
Fortunately for Flow Traders NV, the AFM can't stop firms from trading regulated instruments on regulated exchanges. This possibly serves as a vote of confidence in the future of the crypto market. "People underestimate crypto.

Sweden's Hakan Mild Says England Players Are "Spoilt Children"
Mild has history with English football, briefly representing Wimbledon in 2001/02 as well as scoring three times against England on global duty.

Emirates offers VR 360 view of cabin when reserving seats
Emirates airlines has developed a reputation for offering comfort and luxury to its passengers and customers. The high-quality 3D generated graphics offer an outstanding render that is close to reality.

Chelsea call Maurizio Sarri to London TODAY with managerial appointment scheduled
Conte, meanwhile, insists he is still in charge and has drawn up a pre-season schedule for his players. But should things go smoothly today and over the weekend then Sarri could be announced on Monday.

MLB Draft 2018: Carter Stewart goes unsigned
Even with what is a solid farm system, losing out on a first-round pick isn't necessarily a good thing for the Dodgers. Shortstop Brice Turang, taken 21st by Milwaukee, agreed to a $3,411,100 signing bonus, $397,500 above his slot value.

US Secretary of State in Pyongyang to seek concrete nuclear commitments
Mr Pompeo left the negotiations venue to make a secure phone call to update President Donald Trump on the talks, the report said. Pompeo is on a trip traveling to North Korea, Japan, Vietnam, Abu Dhabi, and Brussels.

Theresa May says Cabinet supports her Brexit plan after Chequers summit
On the eve of the marathon Chequers meeting, Brexiteer ministers met at Boris Johnson's Foreign Office to consider their strategy. For now, though, May appears to have united the pro-Brexit and pro-EU wings of her government behind a compromise.

'Night in Mandela cell' auction removed from website
This was so that it could coincide with an worldwide event that had the same target market. Bids had begun at $250,000 (U.S.) for the "once-in-a-lifetime opportunity".

Gleyber Torres: In Wednesday's lineup
That helps to explain why the rookie sensation is out of the Yankees' starting lineup on Tuesday night against the Braves. Eight-year old Hailey Dawson threw out the ceremonial first pitch with her 3D printed hand created by students at UNLV.

Two people dead in Sydney shooting, third seriously injured
The 68-year-old man was the father of the children but did not live at the West Pennant Hills home, police said. In Normanhurst, neighbours of Edwards described him as someone who kept to himself.

Lingard in line for bumper Man Utd contract
It's believed Lingard is highly-rated by Mourinho and the Three Lions star recently spoke highly of his Portuguese boss. The 25-year-old appeared in an indecisive mood as he looks out from a hotel window in London's giant Shard building.

England can't underestimate Sweden, says Stones
I went for England to reach the quarter-finals before the tournament starts and I'm sticking to that prediction. But hold on just a second, because underestimate Sweden at your peril.

Xiaomi Mi A2 live image running stock Android 8.1 leaked online
The image confirms that it is indeed the Xiaomi Mi A2 model, running on stock Android 8.1 Oreo, without any MIUI skin. The leaked photo of the alleged Mi Max 3 via Slashleaks has confirmed the presence of a dual camera setup.

Bananas on the brink of extinction?
As a result, it has now been listed on the official Red List of the International Union for Conservation of Nature (IUCN). It's an endangered plant in its own right though, having fallen victim to severe weather and deforestation.

Iran to Trump: Your tweets are driving up oil prices
Prices to (sic) high! President Trump has never been shy about tweeting on worldwide affairs, often putting his foot in his mouth. Later speaking to Reuters , the Iranian declared that oil prices will rise to Dollars 100, and it will all be Trump's "fault".