By Dean Seal
iRobot lost more than a third of its market value Wednesday after the company missed its own quarterly expectations, cut its workforce and said two top executives are leaving next month.
Shares of the robotic-vacuum-cleaner maker were down 36% at $6.62 in afternoon trading. The stock price has fallen 83% since the start of the year.
The Bedford, Mass., company said after the bell Tuesday that it would cut 105 jobs, or about 16% of its workforce, marking the second round of layoffs this year.
Then on Wednesday morning, iRobot reported sales rose 3.9% to $193.4 million in the third quarter, while its quarterly loss narrowed year-over-year to 21 cents a share from $2.86 a share.
Chief Executive Gary Cohen said the results didn't meet expectations iRobot set in August due to persistent headwinds in the market segment and the competitive landscape. The company now expects it will take more time to stabilize revenue, Cohen said.
The company also said Chief Financial Officer Julie Zeiler plans to step down on Dec. 2. Russ Campanello, executive vice president of human resources and corporate communications, is set to leave on the same date. Successors for both roles are in place.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
November 06, 2024 14:08 ET (19:08 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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