Sonos Q2 Revenue Up, Google Assistant Coming Next Week
Ahead of its quarterly earnings call, Sonos has announced that the long-anticipated integration of Google Assistant with its speakers will finally roll out next week in the US and international markets thereafter.
In the letter to shareholders, CEO Patrick Spence stated the company generated a record Q2 revenue of US$210 million, 13% growth YoY, but a net loss of US$23 million, compared to US$34 million this time last year.
Shares rose more than 4% following the report of a narrower loss in Q2 than expected, share price was up around 3.4% in after-hours trading.
Sonos stated it sold 785,291 products in the quarter, a 1% growth over this time last year, indicating that it is making more money on the products it is selling.
According to the letter, home theatre speakers earned the company US$89m in revenue (up 29% YoY) largely boosted by the Beam speaker.
Its traditional home speaker sales dipped 16%, attributed to the discontinuation of the Beam:3 speaker and loss of consumer interest in the Play:1.
The Sonos One continues to sell well, bringing in 14% more revenue YoY.
Starting with the Sonos One and Beam, the new smart assistant capabilities will be enabled through a software update.
The move has been a long time coming with the speaker company began teasing Google Assistant integration about a year ago.
It was tipped to launch early 2019 following its demonstration at CES 2019and a beta test that ran through January.
In a letter to shareholders regarding the Q2 results, Sonos stated that this new rollout will provide more options to their customers: “We think giving consumers choice is always the right decision, and we anticipate this philosophy will be adopted in the industry over time.”
To celebrate the upcoming Google Assistant integration, Sonos has put together a playlist on Spotify with tracks like Stevie Nick’s “Talk to Me” and Destiny’s Child’s’ “Say My Name.”