Sonos CEO, Patrick Spence, recently took aim at big tech companies Amazon, Google and Apple during the company’s Q1 2023 earnings call. Despite facing strong competition in the audio market, Spence praised Sonos’ financial performance and sales momentum and took the opportunity to criticize his competitors for not “doing anything interesting” in the audio industry. Here are the details…

Sonos CEO says Amazon, Google aren’t ‘doing anything interesting’ in audio

According to Patrick Spence none of the big tech companies launched any new audio hardware during the crucial holiday quarter. However, Spence remains confident about Sonos’ future, stating that he is “excited and confident about the product roadmap we have and our ability to take more and more of that $96 billion [global audio market]”.

Sonos sound

Google’s most recent home audio product is the aging Nest Audio, while Amazon’s fall 2022 hardware event lacked the introduction of new smart speakers. Sonos has said it will release a product in one of its four new categories in 2023 and is set to revitalize its high-end home audio lineup with new speakers. The company also has a second-generation Sonos Move portable speaker under development.

Sonos delivered strong earnings and beat Wall Street expectations for the Q1 fiscal quarter, thanks in part to discounts on its products over the holidays. This was the first time in three years that Sonos was able to offer promotions and the company emphasized bundles that boosted the percentage of multi-product customer households. The average number of products for each Sonos household is currently 2.98 and the company sees a $5 billion revenue opportunity in converting single-product customers to the multi-device lifestyle.

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