Apple Removal of 3rd-Party Audio Hurts Logitech and Sonos Stock
Apple stopped selling Bose, Logitech and Sonos audio products. Sonos closed 7% lower Tuesday at $14.54, Logitech down 6.1% at $75.83. A Bose spokesperson confirmed its products are no longer being sold via Apple. She noted that it isn’t the…
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only audio company yanked from Apple’s shelves. Removal of competing Bluetooth and smart speakers from Apple led to speculation Apple is going to add to its audio line at its Oct. 13 virtual event, announced Tuesday, where it’s expected to launch the next generation of iPhones. Apple didn’t respond to questions. Sonos didn’t comment. Apple’s move underscores a risk Sonos highlighted in an SEC filing last fall that if partner competitors, such as Amazon and Apple, continue to compete with Sonos more directly, they would be able to promote their products more prominently than Sonos, refusing to promote its speakers. A Logitech spokesperson didn’t comment now, saying the company is in a quiet period ahead of its Oct. 20 quarterly report. The company has been targeting videoconferencing and gaming with its audio products amid a slowdown in the Bluetooth speaker category.