3 Key Things From iRobot's Q3 Earnings Call That You Should Know
iRobot (NASDAQ: IRBT) reported third-quarter earnings on Tuesday after the market closed. The maker of premium home-cleaning robots posted robust revenue growth of 22%, while earnings per share grew 9%, and EPS adjusted for one-time factors declined 26%.
Revenue and earnings swept by Wall Street's expectations. Moreover, iRobot raised its top- and bottom-line outlook for 2017.
iRobot stock popped nearly 6% in after-hours trading on Tuesday, thanks to the earnings beat and raised guidance. The stock, however, changed course on Wednesday, closing down 13.5%. The culprit was Piper Jaffray analyst Troy Jensen reiterating his neutral rating on the stock, but lowering his price target from $92 to $69 per share, citing valuation concerns and increased competition for iRobot's Roomba in the robotic-vacuum category. (Shares closed at $65.11 after Wednesday's haircut.)
Source: Fool.com
