The Sonos App Fiasco, Sonos Earnings, YouTube Premium Is Having A Moment
Hello everyone. We will begin today's update by focusing on the Sonos app fiasco. Our attention will then shift to Sonos earnings. The update concludes with an observation regarding YouTube Premium, YouTube's ad-free subscription offering.
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Sonos FY3Q23 Earnings, Sonos Taking Speaker Share, Sonos vs. Apple
Happy Wednesday. For today’s update, we take a closer look at Sonos’ FY3Q23 earnings. The discussion then goes over Sonos taking market share in the speaker categories that the company competes in. We conclude with key differences/similarities between Sonos and Apple.
Let’s jump right in today’s update.
Sonos FY3Q23 Earnings
Sonos has had a very busy 2023. New speakers (Era 100 and 300), services (Sonos Pro), and partnerships (Apple Music spatial audio) have fulfilled the company’s promise of continuing to move the platform forward. However, Sonos is unable to escape the consumer electronics gadget recession. Sales promotions continue to be needed to maintain speaker sales trends.
The following exhibit shows Sonos speaker sales on a TTM (trailing twelve months) basis to remove the seasonality associated with the holidays. The sales decline is becoming more noticeable.
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