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No All New Products From Sonos As Shares Slump Over 30%

Sonos share have fallen over 33% during the past six months with the Company relying more on existing customers to upgrade than new customers to buy their products.

This week Sonos CEO Patrick Spence confirmed that Sonos will not be launching any all-new products for months with their much-anticipated entry into the crowded wireless headphone market put on hold.

The Company deliberately leaked the news that they were working on a pair of wireless headphones with active noise-cancellation to compete with the likes of the Apple AirPods Max, Bose 700 Series, and Sony WH-1000XM4.

Bloomberg first reported that new Sonos branded headphones were in the works back in January of 2019 and then, a year later, it was picked up by Protocol that Sonos had been award a patent for headphones.

The patent revealed a pair of wireless earbuds with a unique long-and-flat (wedge-shaped) design and a silicone ear tip for fit.

The other unique thing about the patent was that it revealed a unique symmetrical charging case that houses the earbuds at either end of its body.

Now the whole project appears to be on hold.

Earlier this month Spence was talking up the US Sound Company.

In their latest filings Sonos earned $664.5 billion in the first quarter ending December 2021, which was 3% higher than the same quarter of 2021.

Going in the opposite direction was non-GAAP (adjusted) earnings, which slipped to just under $145 million ($1.02 per share) from the year-ago result of $153.2 million.

On average, analysts tracking the stock were expecting slightly more than $641 million on the top line.

Spence claimed that the results would have been better “but for chip shortages that constrained our supply, as demand was, and continues to be, strong.” he said.

At the time he claimed, “Longer term, the opportunity for Sonos is tremendous,” Spence added. “Our flywheel of a new household generation and existing customer repurchase remains a powerful driver of growth.”

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