Thursday, May 7, 2020

Sonos Hit By Retail Shutdown

Santa Barbara-based whole home audio system and smart speaker manufacturer Sonos released its second quarter results on Wednesday, saying that its revenues have been hit by the widespread closure of physical, retail stores due to the COVID-19 pandemic, even as it has seen an increase in usage of its products. According to Sonos, it saw a 17% year-over-year decline in its revenue, and in March, it saw total revenue decline 23% year-over-year due to those retail shutdowns. According to Sonos, it has seen a 32% increase in total listening hours for the month of March, and an estimated 48% increase in April.