Apple HomePod's competitor, Sos, fires 96 employees before the planned IPO

Sos wireless speaker manufacturer revealed Thursday that it was planning to remove 96 employees from its global workforce in order to increase its profitability, a move that comes just before an expected initial public offering evaluated billis of dollars.

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Deletis reduce Sos's workforce, which has about 1,500 employees, to about six percent, and affect several departments of the company, reports Bloomberg .

"Like any healthy business, we sometimes adjust the size and structure of our teams to stay nimble and align resources with market opportunities," Sos said in a statement. "Sos is growing and profitable."

The details of the job cuts or the schedule of the planned reorganizati were not made available to the press.

The word eliminatis comes the eve of a planned IPO The Wall Street Journal could come as early as June or July.

In April, it was reported that the company filed an IPO applicati with the Securities and Exchange Commissi and held a meeting of analysts at its offices in Santa Barbara, California. Citing people familiar with the subject, WSJ stated that Sos is targeting a market value of $ 2.5 billi to $ 3 billi, an amount that would result in a capital injecti of several hundreds of millis of dollars.

Sos, a leader in the cnected home loudspeaker market, faces increased competiti from smart speaker manufacturers such as Amaz, Google and, more recently, Apple. When the former CEO and founder of the company John …

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