High-end consumer gadgets rocked by slowdown

Summer travel and rising inflation have proved a deadly combination for companies selling expensive tech products meant for staying at home.

Sonos just the latest in this category to give a big warning sign. Manufacturer of high-end speakers Wednesday afternoon report revenue for the June quarter fell 2% from a year earlier to about $372 million. That turned out to be 11% below Wall Street estimates, and the company’s implied guidance for the fiscal fourth quarter ended September of $306 million is much worse – about 34% less than that. with analyst predictions. Shares of Sonos fell 25% on Thursday for the stock’s worst day since listing in 2018.

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