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Sonos’ Stock Falls as Much as 15% After Announcing Its CFO Will Depart
February 7, 2019 12:48 am|Comments (0)

Sonos’ stock fell as much as 15% late Wednesday after the company said that its chief financial officer, Mike Giannetto, will leave the company later this year.

The announcement came as Sonos reported revenue and earnings that were above analyst expectations. Sonos said that revenue in its most-recent quarter rose 5.8% to $ 496.4 million and net income of 55 cents a share. Analysts had been forecasting revenue of $ 490.7 million and earnings of 40 cents a share.

Giannetto, who has worked at Sonos for more than seven years, is leaving Sonos once a replacement can be named. The company said it hired an executive search firm to find a new CFO.

The company also warned that revenue in the current quarter could come in lower than expectations. “Reduced sell-through velocity toward the end of Q1 FY2019 created higher channel inventory levels than we would have liked,” Sonos’ letter to shareholders said. “This elevated channel inventory and our production schedule with IKEA starting in Q3 FY2019 instead of Q2 FY2019 will impact Q2 revenue.”

Sonos didn’t offer guidance for this quarter’s revenue, but indicated that overall guidance for 2019 remains close to analyst expectations. Sonos is expecting revenue to rise between 10% and 12% this year to between $ 1.25 billion and $ 1.28 billion. Analysts had been forecasting 2019 revenue of $ 1.26 billion.

Sonos’ stock, which declined 6% during official trading Wednesday, fell as much as 15% to $ 10.42 a share in after-hours trading on the announcement.

Earlier this week, Sonos saw its stock rise following a research note from JPMorgan that said the home-speaker company would be a good fit with Apple.


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Spotify's music industry liaison Troy Carter to depart
July 31, 2018 12:00 am|Comments (0)

(Reuters) – Troy Carter, who acted as a bridge between Sweden-based Spotify Technology SA and the recorded music industry, will leave the company in early September but remain in an advisory role, Spotify said on Monday.

FILE PHOTO: The Spotify logo is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 3, 2018. REUTERS/Brendan McDermid/File Photo

Carter was a music industry veteran who had previously helped manage artists such as Lady Gaga and John Legend. In 2016, he became Spotify’s global head of creator services.

In that role, he helped the Swedish company allay concerns from artists over how they could gain a following and make money on Spotify’s streaming music platform, which has thinner margins than the traditional record business.

“I came to this company to help bridge the gap between Spotify and the creative community,” Carter said in a prepared statement. “Over time, that goal evolved from fixing a challenge to building a global team focused on changing the game for artists around the world, partnering with them to help bring their creative visions to life in new and innovative ways.”

Variety earlier reported Carter’s departure. The magazine also reported that Carter had been upset at a Spotify policy put in place in May that demoted the prominence of some artists after they were accused of what the company called “hateful conduct.”

The policy affected artists such as singer R. Kelly and rapper XXXTentacion. Last month, Spotify narrowed the policy, keeping a ban on songs “whose principal purpose is to incite hatred or violence” but removing terms related to an artist’s conduct.

Spotify did not respond to a question about whether Carter’s departure was related to the policy.

In a statement, Spotify Chief Executive Daniel Ek said when Carter “joined our team, there was skepticism from the artist community on streaming overall. Troy has been instrumental in changing that perception and his efforts to establish true partnerships across the industry will be felt for years to come.”

Spotify shares closed down 5 percent at $ 176.79.

Reporting by Stephen Nellis; Editing by Chris Reese


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