Sonos lays off 7%, or about 130 employees
Sonos expects to incur up to $14 million in restructuring costs in the third quarter.
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Patrick Spence, president and chief executive officer of Sonos Inc., speaks during a Bloomberg Technology Television interview in San Francisco, California, U.S., on Monday, Feb. 11, 2019.
David Paul Morris | Bloomberg | Getty Images
Wireless speaker company Sonos said in a Wednesday filing that it would lay off about 7% of its workforce, or roughly 130 employees.
Shares of Sonos were down nearly 1% in premarket trading.
"In the face of continued headwinds we have had to make some hard choices, including eliminating some positions and reevaluating program spend," Sonos CEO Patrick Spence said.
The company employed 1,844 people as of October 2022, when it last disclosed its head count. Sonos expects to incur $11 million to $14 million in restructuring costs, which include the cost of severance but also expenses associated with streamlining its real estate portfolio and expenses.
Sonos cut its guidance in its most recent earnings report for the period ended April 1, 2023. Revenue decreased 23.9% year over year, to $304.2 million.
The company had previously cut head count by 12% in 2020, in response to the rapidly unfolding Covid pandemic.
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