Shares of iRobot Corp. initially jumped 10% then cooled in after-hours trading Wednesday after the company posted quarterly results that topped analysts’ revenue and earnings estimates.
IRobot
IRBT,
reported a fiscal fourth-quarter net loss of $63.6 million, or $2.28 a share, compared with a net loss of $84.1 million, or $3.07 a share, in the same quarter a year ago. Adjusted earnings were a loss of $1.82 a share.
Revenue dropped to $307.5 million from $357.9 million in the year-ago quarter.
Analysts surveyed by FactSet had expected on average a net loss of $2.11 a share on revenue of $308 million.
The Roomba maker anticipates full-year 2024 revenue of between $825 million and $865 million, while FactSet analysts are forecasting $865 million.
After spiking in after-hours trading immediately following its earnings, shares lost their gains and ended the extended session flat. Shares of iRobot have plunged 71% over the past year, while the broader S&P 500 index
SPX
is up 27%.
Last month, Amazon.com Inc.
AMZN,
called off its planned acquisition of iRobot following opposition from the European Union. IRobot also said it would lay off 31% of its employees, or about 350 people, and that its chief executive, Colin Angle, had stepped down.