Sonos, a maker of smart speaker systems, went public today after raising $208 million in its IPO.
Axios spoke with CEO Patrick Spence about the IPO, competition from Apple and if it will begin offering digital services. The quick read:
- He's open to someday offering digital services, in addition to devices.
- He blames a low IPO price on "tech headwinds."
- Many investors viewed Sonos as only a hardware business, not realizing the amount of software involved.
- He acknowledged that Sonos can't maintain backward capability forever on older products, but says it will do so for newer ones.