Sonos to go public in the coming weeks
Smart speaker company Sonos could be adding over $105 million to its kitty as it gets ready to go public in the coming weeks, according to its SEC (Securities and Exchange Commission) filing on July 23. The company said that the share price range for its IPO could be between $17 and $19. Its shares will trade on the NASDAQ under the ticker SONO.
When Sonos filed to go public recently, it revealed that it had sold 19 million speakers to date. The company generated $992.5 million in revenue last year, a 10% increase over the previous year. Sonos posted net income of -$14.2 million in 2017 compared to its net income of -$38.2 million in 2016.
Why Sonos stock won’t be appealing
Sonos depends heavily on Amazon for the use of its virtual assistant, Alexa, on its smart speakers. However, the company has also announced alliances with Apple and Google for their digital assistants to reduce its reliance on Amazon.
Another possible headwind for the smart speaker company is that its wireless speakers could face a 10% tariff under trade measures proposed by President Donald Trump.