Sonos files for IPO with plans to raise $100 million

Sonos files for IPO with plans to raise $100 million

Sonos has a range of speakers that come with Amazon's popular voice assistant, Alexa, built-in, including the Sonos One smart speaker and the Sonos Beam soundbar. The company named Bang & Olufsen A/S, Bose Corp. and Samsung Electronics Co. among its main rivals, alongside newer entrants Amazon.com Inc., Apple Inc. and Alphabet Inc.'s Google.

In a piece published in Variety in early 2017, Sonos CEO stated that any new fundraiser public offering "may.be used to reward its nearly 1,500 employees". In fiscal 2017, the company posted a net loss of $14.2 million on revenue of $992.5 million, down from a net loss of $38.2 million on $901.3 million of revenue in the previous financial year, according to the filing. High-end wireless speaker company Sonos has filed for an IPO as it continues to compete with rivals like Amazon's Echo and Google Home.

The company is on track to surpass $1 billion in sales this fiscal year after booking revenue of $655.7 million for the six months ending in March, according to a filing with the Securities and Exchange Commission on Friday.

Donald Trump: OPEC is "doing little to help" with gas prices
Though it's unclear if the kingdom will end up pumping up to an extra two million barrels of oil per day, as Trump is demanding. Depending on its size and timing, an oil sale might leave the market unmoved, or have a real, if fleeting, impact on prices.

Sonos will trade on the Nasdaq under the ticker symbol SONO. It set a placeholder amount of $100 million, but did not specify an offering price or size of the offering.

At the same time, Sonos said it plans to "deepen our relationships" with current partners, including Amazon, Google and Apple.

Also of interest is Sonos' estimate that customers listen to roughly 70 hours of content per month. The company recently introduced voice controls for its speakers through Amazon's Alexa technology, and it expects to incorporate Apple's Siri via Airplay 2 and Google Assistant in 2018. Today, its products are distributed in over 50 countries with 55 percent of its revenue coming from outside the U.S. Moreover, the company said consumers listen to approximately 80% more music after purchasing their first Sonos product. The filing doesn't detail how many shares they plan to sell in the offering. KKR initially invested $100 million in Sonos in 2012.

Related News:

  • Twenty dead as record Japan rains prompt mass evacuations

    Twenty dead as record Japan rains prompt mass evacuations

    Several people have died and many are missing amid heavy rains, flooding and landslides in Japan , officials said Friday. A man was confirmed dead after being found in a swollen river in Hiroshima Prefecture around 6 a.m.
    Thai cave rescue — TIMELINE

    Thai cave rescue — TIMELINE

    The ordeal facing the boys was underscored by the death of former Thai Navy SEAL Samarn Poonan (38) in the cave on Friday morning. Thai rescuers are assisted by an worldwide search team comprising experts from China, Australia , the United States and Britain.
    KERI RUSSELL in Talks for STAR WARS: EPISODE IX

    KERI RUSSELL in Talks for STAR WARS: EPISODE IX

    The Force Awakens director JJ Abrams is returning to the director's chair, along with most of the main cast from The Last Jedi . The Americans star Keri Russell has joined the project ahead of production, which is due to start at the end of this month.
  • Flawless Federer sweeps past Lacko; Wozniacki falls in three sets

    Flawless Federer sweeps past Lacko; Wozniacki falls in three sets

    The 36-year-old Federer compiled 48 winners and just 11 unforced errors. He converted 5 break points and won 93% of his first service points.
    Trump is convinced that he prevented a United States  war with North Korea

    Trump is convinced that he prevented a United States war with North Korea

    Secretary of State Mike Pompeo will head for the Democratic People's Republic of Korea (DPRK) on July 5 for talks. In fact, the nuclear testing facility Trump claimed would be dismantled instead appears to be getting an upgrade.
    Embattled EPA Chief Scott Pruitt Resigns--What's Next?

    Embattled EPA Chief Scott Pruitt Resigns--What's Next?

    The president then stated, "Within the agency, Scott has done an outstanding job and I will always be thankful to him for this". According to The Washington Post , Pruitt pushed to find his wife a well-paying job with a politically connected group.
  • Man accused of attacking teen wearing MAGA hat arrested

    Man accused of attacking teen wearing MAGA hat arrested

    The man seen throwing a drink in a teenager's face allegedly for wearing a Make America Great Again hat has been arrested. Brad Parscale outdid Trump Jr., going as far as reaching out to Richard's friend that was present at the incident.

    Klamathon Fire burns into Hornbrook, California, closes I-5

    It says the areas of concern include the Pacific Crest Trail, Mount Ashland and the Cascade-Siskiyou National Monument. Farther north in OR , authorities urged hikers and other outdoor enthusiasts to avoid forests near the state line.
    England fans 'confident' ahead of quarter final clash with Sweden

    England fans 'confident' ahead of quarter final clash with Sweden

    Beckham responded: "If Sweden win, I will personally take you to Ikea and buy you whatever you need for the new mansion in LA". But even if Southgate is forced to make changes, he's confident it won't be to the detriment to the team's performance.
  • Guess Who Inspired the Statue of Liberty Climber

    Guess Who Inspired the Statue of Liberty Climber

    Around 6:30 p.m. they finally had her cornered and could secure a safety line on her to walk her down and put her in handcuffs. She was released without bail on her own recognizance, and is expected to next appear in court on August 3.
    France boss Didier Deschamps eyes best role for Kylian Mbappe vs Uruguay

    France boss Didier Deschamps eyes best role for Kylian Mbappe vs Uruguay

    He had 11 saves and had allowed only one goal in four World Cup matches in Russian Federation . Follow live updates as Uruguay take on France in the first World Cup quarterfinal.
    Tite: Marcelo will return to Brazil's starting XI against Belgium

    Tite: Marcelo will return to Brazil's starting XI against Belgium

    Streetwise Real Madrid midfielder Casemiro being suspended for a World Cup quarter-final should be a cause of mild panic. Kylian Mbappe's World Cup took off last Saturday when he scored twice in France's thrilling 4-3 victory over Argentina.


Most liked

Here's the latest on Celtics guard Marcus Smart
According to the report from the Boston Herald , Smart is waiting on a three-to-four year deal. Given that projected surplus, they may elect to stand pat for the most part.

Pompeo seeks clarity in denuclearization talks with NKorea
When the two leaders met at a diplomatic summit in Singapore last month, the "Rocket Man" tag came up during friendlier talks. Mr Kim has promised to work towards denuclearisation, but details on how this will be achieved remain thin.

European Parliament rejects draft copyright reform, new vote planned for Sept
A similar law that was enacted in Spain four years ago forced Alphabet Inc.to shut down the local edition of Google News. SACEM remains dedicated to ensuring that creators are recognised and remunerated for the value of their work.

Apple Music is reportedly bigger than Spotify in the United States now
Spotify has an additional 90M users on the free tier, while Apple is estimated to have 5-10M trial subscribers. This makes Apple the most popular on-demand streaming service in America by a hair.

Sheffield Lord Mayor Magid Magid calls Trump a 'wasteman' and bans him
Donald Trump has been "banned" from the city of Sheffield by its new mayor - just ten days ahead of the U.S. president's visit to the UK.

Sanjay Dutt’s Daughter Upset With Sanju?
Sanjay Dutt's team negotiated hard and finally settled for an outright Rs 9-10 crore, and a portion of the box-office profits. It should also be noted that Trishala was part of the promotional activities of Sanjay's film " Bhoomi ".

Google says no, Duplex AI won't take over human call centers
Just last week, Google better detailed Duplex's disclosure mechanism and the calling experience that businesses will hear. "We aren't testing Duplex with any enterprise clients", a Google spokesperson told Gizmodo .

Courtois speaks on mocking England goalkeeper, Pickford
We enjoyed the win but we want to keep this journey going". "It was nice to get it off our back and we can move forward now". We knew what we had to do and we stayed calm. "We never actually paid £30million". 'I did all my research.

OnePlus 5 to get faster software updates
As a technical consideration, it's also interesting that OnePlus was able to do it without repartitioning storage for the device. Apart from the OnePlus 5 and 5T, around 20 other smartphones including the Huawei P10/P10 Plus and LG's V30 have made the jump.

When And Where to Watch Live Streaming on TV
When there's bounce like that it always presents opportunities to take wickets, or at least have chances. That will extend beyond the nets, too, cedes Jordan: "Obviously the boys will be doing their homework".

Japanese Octopus Killed After Correctly Predicting World Cup Games
He was sent to market before he could predict Japan's crushing loss to Belgium in the round of 16. Rabiot is not the first animal prophet to capture the hearts and minds of World Cup fans.

USA chipmaker Micron denies receiving Chinese injunction on chip sales
Shares of Micron, which fell 5.5 percent on Tuesday after the ban, was up 1.9 percent at $52.46 in afternoon trading on Thursday. The country is the world's largest market for chips but China's homegrown suppliers are dwarfed by American rivals.

Distraught Brazil fans comfort each other after World Cup elimination
We will need power", he said in a hint that the physical presence of Fellaini might be deployed from the beginning. If we give Brazil a chance, they will take it. "I think it will be the match of the tournament".

Eriksson: England has better chance vs Brazil tha n Sweden
It will be hard, but I think England will just have enough about them. "But I hope England do well and I hope they best Sweden, who kicked us out.

USA tariffs on $34B Chinese imports take effect
Gao said China would not bow to threats or blackmail and would have to fight back if the USA went ahead and imposed the tariffs . The damage could also spread to other economies , hurting business confidence and prompting companies to delay investments.