By Dean Seal
Shares of iRobot fell after the company said preliminary results for fourth-quarter revenue were looking lower than anticipated.
The stock was down 13% at $9.09 in premarket trading Monday. Shares were trading at $29.98 this time a year ago.
The Roomba maker said it expects to post $171 million in revenue for the fourth quarter, down from $307.5 million in the same quarter a year earlier and below analyst projections for $187.8 million, according to FactSet.
The company also is guiding for an operating loss of $59 million, or a loss of $47 million when adjusted for one-time items.
Chief Executive Gary Cohen said the results reflect higher-than-expected spending on seasonal promotions to offload some inventory prior to new product launches this year. iRobot also incurred a non-recurring $8 million charge to write off excess component inventory and losses on non-cancelable purchase commitments.
The company said it expects to return to revenue growth in 2025, with a stronger second half of the year as its product lineup ramps up.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
January 13, 2025 09:10 ET (14:10 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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