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Sonos Says Q2 Fiscal 2024 ‘Exceeded Our Expectations;’ Revenues -16.9%, Losses +127%

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Sonos Q2/FY2024 cover

Sonos, Inc. (Nasdaq: SONO) announced its financial performance for the second quarter of Fiscal 2024, the period that ended on March 30, 2024. The numbers, as we’re seeing more consistently across a wide variety of consumer brands, were rough…really rough. Revenues in the quarter declined a nasty 16.9% and the company’s Net Loss more than doubled, increasing by a scary 127%.

Yet CEO Patrick Spence claimed in a statement that “…we delivered results that slightly exceeded our expectations…” Either they were expecting a really devastating result, or I’ll have whatever he’s having!

See more on the Sonos Q2 Fiscal 2024 results

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Snap One Reports Results for Q1 of Fiscal 2024; Old Themes Continue

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Snap One booth at CEDIA Expo 2023

Snap One Holdings Corp, soon to be part of Resideo Technologies’ ADI distribution business, reported their financial performance for the first quarter of Fiscal 2024 yesterday. In the wash, it looks much like its other recent quarterly reports – sales decline, losses increase, sales shift from its own proprietary brands to third-party brands, etc. But a couple of things did change, starting with my assessment that much less effort than usual was expended in creating this pretty thin report than is typical for them…there isn’t even a quote from CEO John Heyman or anyone in management…and the company even chose not to hold an earnings conference call with analysts as they typically do every quarter.

I suspect that this is due to the fact that the entire company – and its investors – are simply waiting for the new owners to take over.

See more on the Snap One Q1 Fiscal 2024 financial results

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D-Day Arrives; Control4 Integrators Begin Turning Clients over to Snap One

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On Tuesday this week, a previously announced program being offered by Snap One – now Resideo – has begun. This program, called Control4 Connect, is a mandatory program that requires all integrators to connect all new client installations of Control4 products directly to Snap One’s central station for future software updates and data collection.

It is a new kind of transactional connection that establishes a direct relationship with the client for direct-to-user system updates and base-level client support supplied – not by the local integrator – but by Control4 support.

See more on this new industry scheme

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AVA Cinema Remote Now Shipping After Production Glitch Resolved

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AVA Cinema Remote held by Ted Haeger
Ted Haeger, AVA Chief Customer Officer showing off the new Cinema Remote [Click to enlarge]

When it comes to a potentially ground-breaking remote control, good things come to those who wait. But the wait is over and AVA, Inc. has announced it is now shipping its remarkable Cinema Remote, an innovative new remote control design first previewed to dealers at CEDIA Expo 2023. They may have had to wait longer than anticipated due to a manufacturing glitch, but now that is resolved and the product is flowing to the field.

See why this AVA shipping news is newsworthy…

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Chris Kane of AudioControl is Promoted to Vice President for AV Pro Global

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Chris Kane of AudioControl is now VP of NA Residential Sales for AVPro Global

Chris Kane, long-time key executive at AudioControl has been promoted to Vice President of North American Residential Sales for AVPro Global. Sioux Falls, SD-based AVPro Global is a rapidly expanding manufacturer and distributor of top custom integration brands, such as AudioControl, AVPro Edge, Bullet Train, Murideo, and Then Audio.

See more on the advancement of Chris Kane

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AVPro Global Appoints Well-Known Industry Vet as Chief Operating Officer

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Mike Detmer, new COO of AVPro Global

AVPro Global Holdings, LLC, parent company to growing technology brands such as AVPro Edge, AudioControl Pro, Bullet Train, Murideo, and Then Audio, announced today that it has named well-known industry executive Mike “Sparky” Detmer as its Chief Operating Officer. Detmar is well known to many in custom integration for his long stint at Niles Audio, part of Nortek, and once a pillar brand for many integrators across the country.

Now Detmer joins AVPro Global to help them scale their operations in support of their fast-growing residential and commercial integrator solutions business.

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Austin AudioWorks to Launch at AXPONA

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Austin AudioWorks new products

A new high-end, high-performance, direct-to-consumer audio company called Austin AudioWorks is officially launching the brand during the upcoming AXPONA show at the Schaumberg Convention Center in Chicago, IL from April 12-14. The company says its products “are very different from the mainstream” and show attendees will want to stop by and audition the new line in person at the show.

See what makes Austin AudioWorks different…

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Masimo Board ‘Authorizes’ Management to Prepare Spin-Off of Consumer Unit

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BREAKING NEWS

Masimo home page

In a release distributed late in the day on Friday after the close of financial markets, Masimo announced that the Board of Directors has “authorized” company management to prepare a spin-off of the company’s Consumer Business. Masimo Consumer is the business unit created when the company acquired Sound United in early 2022.

See more on Masimo spinning off the Consumer division

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Parasound CEO: Making Progress, But Wait Until You See What’s Coming

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Title slide for Parasound Town Hall meeting

Company has Moved Its Headquarters to Las Vegas

Recently, Parasound conducted another online Town Hall meeting for dealers interested in learning more about the brand’s progress under the leadership of new owner, CEO David Sheriff. Held via Microsoft Teams on a recent Saturday to facilitate participation, it lasted an impressive 1¾ hours long with the majority of all participant questions answered.

See what CEO David Sheriff shared with Town Hall participants

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Snap One Closes Out a Tough Year; They Say Next Year Will Be Better…Maybe

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Cover page of Snap One Fiscal Q4 & FY 2023 results

Company Turns To Forced Client Fees to Improve Its Results

At the end of last week, Snap One Holdings Corporation [NASDAQ: SNPO] announced the results of its Fiscal Fourth Quarter and Full Year 2023. Much as we’ve seen quarter-by-quarter all year long, the company remained subsumed by a challenging “destocking” market, with Net Sales in Fiscal 2023 finishing down 5.6%, and its Net Loss last year increasing by another 146.3% this year. CEO John Heyman called it “another strong year.”

But was it truly “another strong year?”

See more details on the Snap One Fiscal 2023 performance

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