After announcing bumpy third-quarter results on Wednesday, Sonos announced that it had decided to push back an originally planned product launch to the near future. The product in question is almost certainly the long-awaited Sub Mini, a more affordable subwoofer that would join the company’s home theater lineup alongside the existing $749 Sub.
The Sub Mini appeared at the FCC in June. If Sonos had followed its typical window of time between this filing and a consumer release, the product would have arrived relatively soon. But Sonos says it has now been delayed to the first fiscal quarter of 2023. “We’re still considering what kind of product it is and when,” CEO Patrick Spence said on the call. “We remain committed to launching two new products every year.”
Sonos spokeswoman Erin Pategas confirmed the news to The edge in an email, saying “I can confirm that we have decided to push back a planned product launch from Q4 ’22 to Q1 ’23.” That would put his postponed arrival between October and December.
Sonos’ third-quarter earnings were well below the company’s revenue forecast. “We have seen the macroeconomic backdrop become much more challenging for us from June as the stronger dollar and high inflation hurt consumer sentiment around the world, particularly in the categories in which we play,” he said. Spence said in the company’s press release.
In a Wednesday afternoon call, outgoing chief financial officer Brittany Bagley said Sonos currently holds more inventory than she would like and is facing a “difficult Q4.” The company pointed to weak demand for the $179 Sonos Ray soundbar as one of the reasons for its shortfall. But Sonos partially blamed that on a slowdown in TV sales, and the company expressed optimism that the Ray will ultimately prove very successful as an entry-level soundbar due to positive reviews and its attractive price.