Sonos: Managing Deftly Through A Tight Environment
Shares of Sonos have slumped all year long, dropping 30% since the start of January. Though demand continues to be robust, the company has faced gross margin challenges owing to constrained components and higher freight costs. Management has been able to partially offset these global cost increases, however, with opex rationalization. The company continues to trade at attractive multiples of adjusted EBITDA.