Sonos (NASDAQ:SONO) intends to reduce its workforce by approximately 7%, as revealed in a filing with the U.S. Securities and Exchange Commission. The company also plans to downsize its real estate and review its expenditure.
Sonos stated that these actions are part of its commitment to optimizing costs while continuing to invest in its product roadmap for future growth.
The company anticipates incurring restructuring and related charges amounting to around $11 to $14 million, with $9 to $11 million designated for employee severance and benefits costs.
Last month, Sonos announced its Q2 results and revised its full-year guidance to a range of $1.625 billion to $1.675 billion, down from $1.7 billion to $1.8 billion in fiscal 2022. This adjustment reflects a decline of 7% to 4% and is attributed to weakened consumer demand and tightening inventory among channel partners.