After reporting bumpy third quarter results on Wednesday, Sonos announced it has decided to postpone a product launch originally planned for the near future. The product in question is almost certainly the highly anticipated Sub Mini, a more affordable subwoofer that would be added to the company’s home theater lineup alongside the existing $749 Sub.
The Sub Mini appeared at the FCC in June. If Sonos had followed its typical time period between that submission and a consumer release, the product would have arrived relatively quickly. But Sonos says it has now been postponed to fiscal first quarter 2023. “We always consider the type of product it is and the timing,” CEO Patrick Spence said during the phone call. “We remain committed to two new product launches per year.”
Sonos spokesperson Erin Pategas confirmed the news The edge in an email, stating: “I can confirm that we have decided to push an expected product launch from Q4 ’22 to Q1 ’23.” That would place his scheduled arrival sometime between October and December.
Sonos’ third quarter revenues fell well short of the company’s revenue expectations. “We have seen the macroeconomic backdrop become significantly more challenging for us from June onwards, as dollar appreciation and high inflation negatively impacted consumer confidence globally, especially in the categories we play in,” Spence said in the press release. . the publication of the company’s earnings.
During a phone call Wednesday afternoon, outgoing CFO Brittany Bagley said Sonos is currently holding more inventory than it would like and that it faces a “challenging fourth quarter.” The company pointed to weak demand for its $179 Sonos Ray soundbar as a reason for the lost revenue. But Sonos blamed that in part on a slowdown in TV sales, and the company expressed optimism that the Ray will eventually prove highly successful as an entry-level soundbar due to positive reviews and its attractive price.