Sonos Reduces Staff By 7 Percent
Amid difficult economic conditions, Sonos has revealed plans to reduce its workforce by approximately 130 employees, which equates to a seven percent reduction.
The company also said it will reduce its real estate footprint and reevaluate certain program expenses.
“Decisions to eliminate positions are subject to local law and consultation requirements in certain countries. The company also committed to further reduce its real estate footprint and reevaluate certain program expenses,” Sonos said in a filing with the US Securities and Exchange Commission (SEC) on Wednesday.
In addition, the company said it will incur approximately $11 million to $14 million in restructuring and related costs, of which $9 million to $11 million will be related to employee severance and benefits costs.
The company also expects to pay substantially all of the restructuring and related expenses in the third quarter of 2023. In October 2022, the company employed 1,844 people, reports CNBC.
In 2020, the company had reduced its staff by 12 percent in response to the rapidly spreading Covid pandemic.
Meanwhile, a US court has ordered Google to pay $32.5 million to Sonos for infringing the company’s smart speaker patent. A San Francisco jury verdict found that Google’s smart speakers and media players infringed one of Sonos’ two patents, The Verge reported, citing a court filing.
Judges said Google should pay $2.30 for each of the more than 14 million devices sold.
