Last Updated: June 15, 2023, 18:07 IST
United States of America (USA)
Sonos presents premium audio merchandise available in the market
The audio firm is seeking to reduce down its spending and give attention to the principle aims of the enterprise.
Sonos has introduced to chop seven per cent of its workforce or roughly 130 staff, amid difficult financial situations.
The firm additionally stated that it’s going to cut back its actual property footprint and re-consider sure programme spend.
“Decisions relating to the elimination of positions are topic to native legislation and session necessities in sure international locations. The firm additionally dedicated to additional decreasing its actual property footprint and re-evaluating sure programme spend,” Sonos said in a filing with the US Securities and Exchange Commission (SEC) on Wednesday.
Moreover, the company stated that it will incur about $11 to $14 million of restructuring and related charges, of which $9 to $11 million is related to employee severance and benefits costs.
The company also expects to incur substantially all of the restructuring and related charges in the third quarter of fiscal 2023. As of October 2022, the company employed 1,844 people, reports CNBC.
In 2020, the corporate had lowered its headcount by 12 per cent in response to the quickly spreading Covid pandemic.
Meanwhile, a court in the US has ordered Google to pay $32.5 million to Sonos, for infringing on the company’s smart speaker patent. The verdict by a San Francisco jury found that Google’s smart speakers and media players infringed on one of two Sonos patents, reports The Verge, citing the court filing.
Jurors said that Google should pay $2.30 for each of the more than 14 million devices sold.
(This story has not been edited by News18 staff and is published from a syndicated news agency feed – IANS)
