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BusinessSonos CEO says this is the most challenging time for tech companies...

Sonos CEO says this is the most challenging time for tech companies he’s ever seen

Sonos CEO Patrick Spence instructed CNBC’s Jim Cramer on Tuesday the coronavirus pandemic’s affect on enterprise for expertise companies has been profound.

“The industry right now is probably in its most challenging time it’s ever been in terms of semiconductors and port delays and container shortages, you name it,” Spence mentioned in an interview on “Mad Money.” “In my 23 years in tech, I haven’t a seen a period as challenged as this.”

While provide chains have been disrupted since the Covid disaster started in earnest in early 2020, Spence mentioned he does see some motive for optimism.

“The good news is that as we look at ’22, I think we see more fabs coming online in the semiconductor space,” mentioned Spence, who’s led Sonos since 2017. He first joined the speaker maker in 2012 to function chief industrial officer.

“These are short-term issues that we’ll be able to work through, so while there are some delays in the near term — and certainly a speed bump from a supply-chain perspective industry wide — fundamentally it doesn’t change the long-term trajectory of our business,” Spence mentioned.

Asked by Cramer whether or not Sonos has seen order cancellations as a result of a product is not available, Spence mentioned the firm appreciates the persistence many shoppers have exhibited.

“We watch very closely our backlog. … The great news is they’re willing to wait for their next Sonos because they’ve already started to invest in the system, and it just gets better over time,” Spence mentioned. “People have shown a willingness to wait, and it’s a considered purchase. This isn’t an impulse purchase. … We just feel very grateful customers have been willing to stick with us while we have these short-term supply challenges.”


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