Sonos CEO says it’s toughest time he’s ever seen for tech companies
Sonos CEO Patrick Spence told CNBC’s Jim Cramer on Tuesday that the impact of the coronavirus pandemic on the businesses of tech companies was profound.
âThe industry right now is probably in its most difficult times it has ever been in terms of semiconductors, port delays and container shortages, you name it,â Spence said in a statement. interview on “Mad Money”. “In my 23 years in tech, I haven’t seen a time as difficult as this.”
As supply chains have been disrupted since the start of the Covid crisis in early 2020, Spence said he sees reasons for optimism.
âThe good news is that looking at ’22 I think we’re seeing more fabs online in the semiconductor space,â said Spence, who has been running Sonos since 2017. He joined the speaker maker. for the first time in 2012 to occupy the position of commercial director. .
“These are short-term issues that we can fix, so while there are short-term delays – and certainly a slowdown from an industry-wide supply chain perspective – basically , it doesn’t change the long term term of our business, âsaid Spence.
When asked if Sonos has seen order cancellations because a product is not readily available, Spence said the company appreciates the patience many customers have shown.
âWe are watching our backlog very closely.â¦ The good news is that they are prepared to wait for their next Sonos because they have already started investing in the system, and that is improving over time,â said Spence. âPeople have shown a willingness to wait, and it’s a thoughtful buy. It’s not an impulse buy.â¦ We’re just so grateful that customers have been willing to stay with us as we have these challenges. short-term supply. ”