Audio tech firm Sonos lays off 7 percent of its employees
[ad_1]
Khaskhabar.com : Thursday, June 15, 2023 4:18 PM
San Francisco. US-based high-tech speaker and audio technology company Sonos announced layoffs of 7 percent or about 130 employees amid challenging economic conditions. The company said it will reduce its real estate footprint and re-evaluate other expenditure.
Decisions regarding the elimination of positions are subject to local law and consultation requirements in some countries, Sonos said in a filing with the US Securities and Exchange Commission (SEC) on Wednesday. The company is also committed to further reducing its real estate footprint and re-evaluating certain expenses.
In addition, the company said it would spend $11 to 14 million on the restructuring, of which $9 to $11 million is related to employee benefit costs.
The company also expects to substantially expense all restructuring and related charges in the third quarter of fiscal 2023.
As of October 2022, the company employed 1,844 people, according to a CNBC report.
In 2020, the company reduced its workforce by 12 percent due to the COVID pandemic.
Meanwhile, a US court has ordered Google to pay Sonos $32.5 million for infringing on the company’s smart speaker patent.
A San Francisco jury’s decision found that Google’s smart speakers and media players infringed on one of Sonos’ two patents.
Jurors said Google would have to pay $230 for each of the more than 14 million devices sold.(IANS)
read this also – Click to read the news of your state / city before the newspaper
[ad_2]
Source link
