Initial public offerings (IPO)

Sonos CEO talks IPO, services and a different mission than Apple

Patrick Spence and Sonos employees celebrate IPO. Photo courtesy of Nasdaq.

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.

Bloom Energy corrects CEO comments on being "profitable"

Bloom Energy CEO K.R. Sridhar. Photo by Justin Sullivan/Getty Images

Bloom Energy founder and CEO KR Sridhar gave an interview to MarketWatch after the fuel cell maker's IPO last week, in which he falsely claimed the "the company is already profitable as of the second quarter," made similar claims about year-end expectations and then made unauthorized statements about existing shareholder sales.

Bottom line: Bloom subsequently filed "clarifications and corrections" with the SEC, and it's really an extraordinary document. It reveals that Sridhar either doesn't understand or appreciate the difference between GAAP and non-GAAP accounting, or cash-flow vs. net income.