Sonos said today in its earnings call for the first quarter of its 2024 fiscal year that it will announce — and ship — a new product in a new category in the third quarter. While CEO Patrick Spence didn’t shed anymore light as to what the new product will be, it’s widely expected to be headphones.
Sonos’ third quarter spans July through most of September. The company previously said the new product would land in the second (fiscal) half of the year, and today’s announcement tightens that window to late summer.
With a solid first quarter in the books, we now turn our undivided attention to the launch of our highly anticipated product,” Spence said. Sonos will expand its distribution to “a few key distribution partners to broaden our reach and drive new households.” Sonos devices are currently available from (among other places), , and in Best Buy stores (as well as ).
“We are just months away from announcing our highly anticipated new product in a multibillion-dollar category, which will be the first major milestone of our multiyear product cycle,” Spence said in the earnings release. “Our full attention is dedicated to successfully executing on our plan and positioning our business to return to top and bottom line growth. Great things are happening here at Sonos and the best is yet to come.”
Whatever the new product ends up being, Sonos will have new hardware on shelves in time for the late 2024 holiday shopping period.
Spence in the earnings call said that the entire company is “super excited to get in there,” referring to the new product space. “When we’re thinking about a new category that is new to us, it’s all opportunity. We are approaching it with the kind of energy, excitement, and prudence around investments that we always do.”
The new product introductions coming in 2024 are expected to bring in $100 million in revenue, Sonos said.
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