🍎 🍕 Less apples, more pizza 🤔 Have you seen Buffett’s portfolio recently?Explore for Free

iRobot shares surge 4.7% on earnings, revenue beat

EditorLina Guerrero
Published 02/26/2024, 05:31 PM
© Reuters.
IRBT
-

BEDFORD, Mass. - iRobot Corp . (NASDAQ: NASDAQ:IRBT), a leader in consumer robots, reported a smaller-than-expected loss for the fourth quarter, sending its shares up by 4.7% as the company beat both earnings and revenue estimates set by analysts.

The company posted an adjusted net loss per share of -$1.82, which was $0.15 better than the analyst estimate of -$1.97. Revenue for the quarter was also above expectations, coming in at $307.5 million compared to the consensus estimate of $285.79 million.

Despite the positive surprise, the company's fourth-quarter revenue marked a decline from the $357.9 million reported in the same period last year. The GAAP net loss per share improved to -$2.28 from -$3.07 year-over-year. The company's full-year revenue also saw a decrease, declining to $890.6 million from $1,183.4 million in 2022.

Interim CEO Glen Weinstein commented on the results, stating, "As we shared last month, we are actively implementing an operational restructuring plan designed to both stabilize the business in the current environment and advance our growth initiatives." Weinstein expressed confidence in the company's ability to navigate successfully as a standalone entity and emphasized the strategic progress being made to position the business for future expansion.

Looking ahead, iRobot provided its annual guidance for 2024, projecting revenue between $825 and $865 million, with the midpoint falling below the analyst consensus of $865 million. The company anticipates a full-year 2024 GAAP net loss per share between -$3.13 and -$2.70, and an adjusted net loss per share between -$3.73 and -$3.30. This guidance suggests a wider loss than the consensus estimate of -$2.49 per share.

The company's operational restructuring plan, announced on January 29, 2024, aims to align costs with near-term revenue expectations and improve the bottom line. The plan includes a workforce reduction of approximately 350 employees, representing 31% of the company's workforce, and a focus on margin improvements, reduced research and development expenses, and streamlined marketing activities.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.