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Sonos Files For IPO

Sonos Files For IPO

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SANTA BARBARA, CA (CelebrityAccess) — Speaker company Sonos has filed the necessary paperwork for an initial public offering on the NASDAQ.

The company, which makes high-end audio products, as well as a line of voice-enabled ‘smart speakers’ akin to Amazon’s Echo products, plans to list shares on the Nasdaq under the symbol “SONO”.

Sonos’s financial filings did not specify how many shares it would be listed in the IPO, or what its target price would be.

While Sonos reported a net loss of $14.2 million on revenue of $992.5 million in 2017, the company’s business appears to be accelerating and in its most recent earnings report, it noted that revenue for the first sixth months of 2018 was up by 18% over the previous year.

However, profits have slipped, declining by 14% over the same period. Sonos released its first line of smart speakers, the Sonos One, late last year.

In financial filings, Sonos revealed that it has more than 19 million registered products in almost 7 million households around the world and that it estimates that consumers listen to an average of 70 hours of streamed content on Sonos systems per month.

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