Sonos CEO states this is the most difficult time for tech business he’s ever seen

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

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Sonos CEO Patrick Spence informed CNBC’s Jim Cramer on Tuesday the coronavirus pandemic’s effect on service for innovation business has actually been extensive.

“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 stated in an interview on “Mad Money.” “In my 23 years in tech, I haven’t seen a period as challenged as this.”

While supply chains have actually been interfered with because the Covid crisis started in earnest in early 2020, Spence stated he does see some factor for optimism.

“The good news is that as we look at ’22, I think we see more fabs coming online in the semiconductor space,” stated Spence, who’s led Sonos because2017 He very first signed up with the speaker maker in 2012 to function as primary 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 stated.

Asked by Cramer whether Sonos has actually seen order cancellations since an item isn’t easily offered, Spence stated the business values the persistence numerous consumers have actually shown.

“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 stated. “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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