Strategy in TECH...
OK, let me say upfront, I’m pretty sure the good folks at Josh.ai would take exception to the headline of this post. They might even have some harsh words for me. Most likely, they would argue they’ve always been about control. But in my view, they’ve been all about a subset of control – voice control (as well as AI or artificial intelligence).
This week, however, that all changed.
After the close of markets on Monday, Masimo Corporation (Nasdaq: MASI) took the unusual step of issuing a press release announcing preliminary results for its fiscal 2023 second quarter, the quarter that ended July 1, 2023. The release warned investors that the company expected to report a revenue decline in the quarter…a pretty significant revenue decline. But perhaps even more impactful than that, the company went on to add that it is forced to revise downward its forward guidance for the full Fiscal 2023 annual results. The value of MASI stock crashed nearly 26% in an early evening reading of after-hours trading in the stock.
This evening I received a press release from Valerio Cora, the new owner and Chief Executive Officer of Audio Research that seeks to address some concerns the company is apparently hearing from customers of the high-end, high-performance electronics brand. Interestingly, Cora says that the company will use the dba (doing business as) designation of Audio Research Corporation, while its legal new corporate name registered in Delaware is AR Tube Audio Corporation.
Emerald Expositions, owner of the CEDIA Expo taking place this year in Denver from September 6-9, 2023, announced it is bringing back the Launchpad (formerly known as Innovation Alley) to the Expo floor. The Launchpad highlights several new and emerging companies that take advantage of the event to launch new technologies to the industry.
Chalk this up to good economic news! Yesterday, the latest Consumer Price Index (CPI) reading for the year through June shows that inflation continues to moderate, coming in at a reading of just 3% growth. That is well off the reading of 4% through May and much better than economists had anticipated.
But it is not yet time to open the champagne just yet, as we are likely to have another interest rate increase from the Federal Reserve Board (the Fed) later this month, and perhaps yet another one before the end of 2023 as they try to manhandle inflation down to their 2% target rate.
Airzone, a maker of smart HVAC control solutions, announced today that it has launched a new integration with Lutron – a leading brand of lighting and shading solutions supported by many residential integrators. This integration brings precise temperature control and empowers HVAC energy efficiency via Lutron’s Homeworks home automation system.
VOXX International Corporation (Voxx) (Nasdaq: VOXX) reported its financial results for the first quarter of fiscal year 2024 and the numbers were not pretty. The first quarter is the period ending on May 31, 2023, and overall net sales n the quarter dropped by -13.1%, with a net loss increase of 65%. The hardest hit segment was the company’s Premium Audio Company division – home of brands like Onkyo, Pioneer, Integra, Elite, and more – which saw sales collapse by -32%.
Well-known and respected industry executive Peter Wellikoff has been appointed to the newly created position of Managing Director at Atlantic Technology. Wellikoff’s appointment was effective as of July 1st.
In a Teams interview with new Parasound owner and CEO David Sheriff, with VP of Sales and Marketing Larry Bennett joining in occasionally, I learned more about the company’s seemingly dramatic new direction. This new direction is defined not so much by a changed product strategy, but rather by revisions the company plans to make in policies, programs, and dealer structure that looks to redefine its approach to the market.
Masimo Consumer, part of Masimo Corp (Nasdaq: MASI), announced today that it has formed a partnership with Oasys Residential Technology Group, a buying group of residential technology integrators that is part of the Nationwide Marketing Group. Formerly known as HTSN, the rebranded and rechartered Oasys Residential Technology Group recently held its inaugural launch event in May in Nashville with Strata-gee in attendance.
