By Christiana Sciaudone
Investing.com -- iRobot (NASDAQ:IRBT) is getting slammed, down 15% on Wednesday despite smashing expectations and forecasting results that will beat original guidance.
"We now expect to deliver strong full-year 2020 results with annual revenue, gross margin, operating profitability and EPS all on course to exceed our original 2020 targets" said Chief Executive Officer Colin Angle, in a statement.
Third quarter earnings per share of $2.58 compared to the expected 94 cents on sales of $413.15 million versus the estimated $312 million.
"Our third-quarter 2020 revenue growth of 43% over the prior year's quarter reflects another quarter of substantially stronger-than-expected orders from retailers tied to favorable sell-through trends, anticipated demand for the upcoming holiday season and incremental orders to support certain customer events, as well as robust direct-to-consumer sales growth," Angle said.
Perhaps investors see the Roomba market as tapped, and things can only go down from here. Shares have one buy rating, three holds and one sell, according to data compiled by Investing.com. Shares are up 60% for 2020.