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.