Smart speaker maker Sonos has officially filed to go public. The company, which confidentially filed for an IPO in April, could raise as much as $100 million in the offering and could be valued at as much as $3 billion. According to its regulatory filings, Sonos brought in revenue of over $1 billion in the 12 months ending in March. It posted a profit of $13.1 million in the first half of its fiscal year, slightly lower than the $15 million brought in the previous year. Over the last 12 months though, the company posted a loss of about $16 million. Sonos, founded in 2002, pioneered the wireless speaker space, creating a product that allowed people to have multiple speakers playing different audio at the same time. Its original competitors were the likes of Bose and Bang & Olufsen. After Apple, Google, and Amazon entered the field, the company scrambled to compete in the rapidly changing landscape by launching smart speakers powered by Amazon’s Alexa. The company’s products can also seamlessly integrate with external streaming systems and voice assistants, including Spotify and Apple Music. Sonos is betting that its flexibility will be attractive to investors, said Wall Street Journal reporter Maureen Farrell. “Part of the appeal, and this is obviously something that they really tout and will thoroughly be touting on the roadshow, is that they can partner with all of these companies,” said Farrell, who broke the story that the company was looking to go public in April. “They obviously have huge competition, but I think what they’re betting on is that you get one of them in your house, or a couple, you really like it, and then they have this moat around them.” Sonos would join more than a dozen tech companies that made a public debut this year in an attempt to capitalize on growing investor appetite for tech stocks, said Farrell. “Last year we saw some pretty disastrous IPOs,” she said, alluding to Snap’s turbulent public offering. “It’s been such an incredibly different landscape this year." "Tech IPOs are up more than 50 percent year-to-date," said Farrell. "It just seems like investors right now are clamoring for anything tech-ish.” Sonos plans to list on the Nasdaq under the ticker "SONO." For the full segment, [click here.](https://cheddar.com/videos/sonos-likely-to-raise-more-than-100-million-in-ipo)

Share:
More In Technology
A Closer Look at the Gaming Sector and its Future in the Metaverse
The gaming industry has been under the spotlight so far this year following some big mergers and acquisitions. This week featured earnings of three major gaming companies, but also Meta and for the latter, things are not doing too hot. Joining Cheddar News to break it all down was Kenny Rosenblatt, President and Co-Founder of Arkadium.
Amazon Strong Growth Attributed to the Cloud Despite Retail Headwinds
While it was a volatile week in tech as Meta experienced the biggest one-day drop in the history of the U.S. stock market, industry giant Amazon reported 40 percent growth — largely on the strength of the cloud. Dan Ives, managing director of equity research at Wedbush Securities, joined Cheddar News to break down how the e-commerce company stock managed to pop despite headwinds against its core retail business. "It's all about cloud because of sum of the parts, you could argue, amazon could be $3,500/$4,000 stock just based on cloud," he said. Ives also addressed the apparent the differing impact of Apple iOS changes on Facebook and Snapchat.
Investors May Be Wary of Ford Due to Ongoing Supply Chain Issues
Following Ford's earnings miss, the stock price dropped despite a bullish outlook from the auto giant. Karl Brauer, an executive analyst with ISeeCars.com, joined Cheddar to break down why investors may not be sold on the carmaker because of the ongoing factor of supply constraints. "The product is not an issue. There's really good product coming from them, including the electric vehicle side, and the demand is not an issue. There's plenty of demand, but nobody really has a solid grasp on when we're going to get past the supply chain issue," said Brauer.
Pinterest Reports Strong Q4 Earnings Beat
Image-sharing app Pinterest reported big beats on its Q4 earnings for the top and bottom lines. The social platform surprised investors after seeing a decline in users while earnings and revenue were much higher than expected.
Load More