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Patrick Spence, President and CEO, Sonos Inc. , during a Bloomberg Technology TV interview in San Francisco, California, US, on Monday, February 11, 2019.
David Paul Morris | bloomberg | Getty Images
Wireless speaker company Sonos He said on Wednesday filing that it will lay off about 7% of its workforce, or roughly 130 employees.
Sonos shares are down nearly 1% in pre-market trading.
“In the face of continued headwinds, we’ve had to make some tough choices, including eliminating some positions and re-evaluating program spending,” Sonos CEO Patrick Spence said.
The company employed 1,844 people as of October 2022, when it last disclosed its headcount. Sonos expects to incur between $11 million and $14 million in restructuring costs, which includes the cost of severance as well as expenses associated with streamlining its real estate portfolio and expenses.
Sonos lowered its guidance in its latest release Earnings report For the period ending April 1, 2023. Revenue decreased by 23.9% year-on-year, to $304.2 million.
The company had previously reduced the number of people by 12% in 2020, in response to the rapidly spreading Covid pandemic.
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