After reporting bumpy third quarter earnings on Wednesday, Sonos introduced that it has determined to push again a product launch that was initially penciled in for the close to future. The product in query is nearly actually the long-awaited Sub Mini, a extra inexpensive subwoofer that might be a part of the corporate’s residence theater lineup alongside the present $749 Sub.
The Sub Mini appeared on the FCC in June. If Sonos had adopted its typical window of time between that submitting and a shopper launch, the product would’ve been arriving comparatively quickly. However Sonos says it’s now been delayed till the fiscal first quarter of 2023. “We all the time think about the form of product that it’s, and the timing,” CEO Patrick Spence stated on the decision. “We stay dedicated to 2 new product launches annually.”
Sonos spokesperson Erin Pategas confirmed the information to The Verge in an e-mail, saying “I can affirm we determined to push an anticipated product launch from This fall ’22 into Q1 ’23.” That will put its rescheduled arrival someday between October and December.
Sonos’ Q3 earnings had been effectively off the mark of the corporate’s income expectations. “We now have seen the macroeconomic backdrop grow to be considerably more difficult for us beginning in June because the greenback’s appreciation and excessive inflation have adversely affected shopper sentiment globally, significantly within the classes during which we play,” Spence stated in the corporate’s earnings launch.
Throughout a name on Wednesday afternoon, outgoing CFO Brittany Bagley stated Sonos is at the moment holding onto extra stock than it might like and faces a “difficult This fall.” The corporate pointed to gentle demand for the $179 Sonos Ray soundbar as one cause for its income miss. However Sonos partially blamed that on a slowdown in TV gross sales, and the corporate voiced optimism that the Ray will in the end show very profitable as its entry-level soundbar on account of optimistic critiques and its interesting worth.