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Update: Market Chatter: Sonos Cuts 3% of Workforce Across Product, User Experience Teams
(Updates with the company's response in the last two paragraphs.)Sonos (SONO) reduced its workforce by 3%, affecting employees in its user experience, product and design groups, Bloomberg reported Thursday, citing a memo to employees.The move follows a round of layoffs in the marketing department in April, as part of an effort to reshape the division, according to the report.Sonos CEO Tom Conrad said the changes were aimed at making the company leaner and better positioned to compete, the report added.A Sonos spokesperson said the company let go of approximately 3% of its workforce this week to cut down layers and streamline teams so they can execute with greater autonomy and speed."I want a Sonos that moves with more conviction and more velocity. Conviction means we know what we're building and why. Velocity means we get to evidence faster. Fewer months in conference rooms. More prototypes in our labs. More decisions made and executed. More exceptional products in the world for our customers," said CEO Tom Conrad in an internal note to employees, which Sonos shared within an emailed response.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $13.80, Change: $-0.27, Percent Change: -1.92%
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