Sonos to cut 7% of workforce and scale back real estate in cost cutting
Sonos Inc. (SONO) said Wednesday it's planning to cut 7% of its workforce and will scale back its real estate footprint and re-evaluate other spending. The speaker maker disclosed the news in a regulatory filing. It's most recent 10-K filing shows it had 1,844 full-time employees as of Oct. 1, 2022. The company expects to book $11 to $14 million of restructuring charges most of it in the third quarter. The stock was up 0.3% premarket but has fallen 3.6% in the year to date, while the S&P 500 has gained 11%.
-Ciara Linnane
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
06-14-23 0848ET
Copyright (c) 2023 Dow Jones & Company, Inc.-
5 Stocks to Buy While They’re Trading at Big Discounts
-
Markets Brief: Tech Stocks Lead Ahead of Nvidia Earnings
-
How Anti-Obesity Drugs Are Innovating the Healthcare Market
-
What’s Happening In the Markets This Week
-
Why Immigration Has Boosted Job Gains and the Economy
-
What to Invest in During High Inflation
-
Never Mind Market Efficiency: Are the Markets Sensible?
-
Starbucks Stock Could Use a Pick-Me-Up After Big Selloff; Is it a Buy?
-
Should You Buy and Hold an Artificial Intelligence Portfolio?
-
3 Cheap and Dependable Dividend-Growth Stocks to Buy
-
The Best Bank Stocks to Buy
-
After Earnings, Is Roblox Stock a Buy, Sell, or Fairly Valued?
-
After Earnings, Is Lyft Stock a Buy, a Sell, or Fairly Valued?
-
8 Stock Picks in the Apparel Industry
-
Baidu Earnings: Advertising Weakness Offset by Continued Growth In Cloud Business
-
Going Into Earnings, Is Target Stock a Buy, a Sell, or Fairly Valued?