Shares of iRobot Corp. saw a significant 10% increase in after-hours trading on Wednesday following the release of their quarterly results that surpassed both revenue and earnings projections by analysts.
Strong Financial Performance:
The popular vacuum maker reported a net loss of $63.6 million for the fiscal fourth quarter, equivalent to $2.28 per share. This was an improvement compared to the net loss of $84.1 million, or $3.07 per share, in the same quarter the previous year. Adjusted earnings showed a loss of $1.82 per share. Despite a drop in revenue from $357.9 million to $307.5 million year-over-year, iRobot managed to beat average expectations. Analysts surveyed by FactSet had predicted a net loss of $2.11 per share on revenue close to $308 million.
Positive Outlook:
Looking ahead, the company forecasts full-year 2024 revenue to range between $825 million and $865 million. Despite this optimistic projection, FactSet analysts are projecting revenue closer to the upper end at $865 million.
Recent Setback:
In recent news, Amazon.com Inc. decided against its acquisition of iRobot due to objections from the European Union. As a result, iRobot announced a significant workforce reduction of 31%, affecting approximately 350 employees. Furthermore, Colin Angle, the previous chief executive, has stepped down from his role.
Stock Performance:
Over the past year, shares of iRobot have plummeted by 71%, contrasting with the broader upward trend of the S&P 500 index which has seen a 27% increase.
It will be interesting to see how the company navigates through these changes and continues to innovate in the competitive tech market.
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