The latest tech company to announce layoffs is speaker-maker Sonos. It is reducing its workforce by 7%, which means around 130 people will be losing their jobs.
“We have acknowledged that if we started to deviate from our performance expectations, we would take action to adapt and protect profitability while still investing in our exciting product roadmap to drive future growth,” CEO Patrick Spence told The Verge, referring to “continued headwinds” in the company’s business.
In May, Sonos saw its share price fall sharply after it reduced its sales forecasts for the current financial year, blaming “softening consumer demand” as one of the factors.
A public company, Sonos’s market cap was $5.46bn at its peak in April 2021, but it closed yesterday at $2.02bn.