In both Europe and Asia Pacific, registration trends generally softened through the quarter, which we expect to continue through Q4. Specifically, in the Americas, we saw steady registration trends through the quarter, followed by a strong response to our Fathers' Day promo in mid-June. As per underlying demand, strength in the Americas helped offset the impact of the tough economic climate in Europe and Asia Pacific. We expect this to continue through Q4, particularly in Europe and Asia Pacific where retailers continue to tighten up. We saw a reduction in channel inventory in Q3 consistent with our expectation for registrations to outpace selling. We are tracking to those revised expectations and thus today, we are maintaining the midpoint of the guidance we issued for the second half for revenue and adjusted EBITDA. Last quarter, I outlined what change between our Q1 and Q2 earnings and how that affected our guidance for the second half of this year. A recent Forbes review of Era 300 noted it is nearly as perfect as any wireless speaker can be, the spatial audio performance is fantastic. Each products are in stellar reviews from both media and consumers with consumers rating both the Era 100 and the Era 300 at 4.8 at a five stars on. We have seen media and consumers alike embrace Era 100 for its detailed stereo sound and deep bass and Era 300 for its impressive out loud spatial audio listening with Dolby Atmos. Speaking of raising the bar in existing categories, our new Era family of products is off to a great start. This is a testament to our continued investment in research and development, which remains focused on two things, raising the bar in the existing categories where we play and entering new categories in innovative ways. Consistent with past quarters, we have continued to gain significant market share in home theater in both the United States and Europe. The categories of consumer electronics that we participate in remain challenged, as conditions have not yet returned to what we would consider normal and we continue to see unprecedented levels of discounting by our competitors.ĭespite this, our brand and product portfolio continue to perform well. We are winning in the categories in which we play and I am proud of the team's execution as we outperformed the competition. Earlier this afternoon, we reported strong fiscal Q3 results. I will now turn the call over to Patrick. I would like to also note that for convenience, we have separately posted an investor presentation to our Investor Relations website, which contains certain portions of our supplemental earnings presentation. As a reminder, the press release, supplemental earnings presentation, and conference call transcript will be available on our Investor Relations website,. For information regarding our non-GAAP financials and a reconciliation of GAAP to non-GAAP measures, please refer to today's press release regarding our third-quarter fiscal 2023 results posted to the Investor Relations portion of our website. During this call, we will refer to certain non-GAAP financial measures. *Stock Advisor returns as of August 1, 2023Ī discussion of these risk factors is fully detailed under the caption Risk Factors in our filings with the SEC. and Sonos wasn't one of them! That's right - they think these 10 stocks are even better buys. They just revealed what they believe are the ten best stocks for investors to buy right now. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* When o ur analyst team has a stock tip, it can pay to listen. These statements are also subject to material risks and uncertainties that could cause actual results to differ materially from expectations reflected in the forward-looking statements. These statements reflect our views as of today only and should not be considered as representing our views of any subsequent date. Before I hand it over to Patrick, I would like to remind everyone that today's discussion will include forward-looking statements regarding future events and our future financial performance. And with me today are Sonos' CEO, Patrick Spence and CFO and chief legal officer, Eddie Lazarus.įor those who joined the call earlier, today's hold music is a sampling from our Sunset Fuzz station. Good afternoon, and welcome to Sonos third-quarter fiscal 2023 earnings conference call I am James Baglanis. James Baglanis - Senior Director, Investor Relations James Baglanis, head of investor relations, you may begin your conference. At this time, I would like to welcome everyone to the Sonos third-quarter fiscal 2023 earnings conference call Thank you. My name is Emma, and I will be your conference operator today.
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