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. It 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, has become a massive player in the home audio space, its products integrating with Amazon Alexa. But it's also got a lot of competition, from Amazon itself, as well as Apple, Google, and traditional speaker companies like Bose.
The company plans to list on the Nasdaq under the ticker "SONO."
The Energy Department is making a push to strengthen the U.S. battery supply chain, announcing up to $3.5 billion for companies that produce batteries and the critical minerals that go into them.
Ed Egilinsky, managing director and head of sales and distribution & alternatives with Direxion, joined Cheddar News to discuss how bond traders are reacting to the latest consumer price index data and how they're positioning portfolios ahead of next week's release of Nvidia's earnings. Egilinsky also discussed some of the other bigger-cap companies, including Alphabet, Amazon and Apple.
Facebook and Instagram will require political ads running on their platforms to disclose if they were created using artificial intelligence, their parent company announced on Wednesday.
