Why iRobot Stock Just Popped 14.5%
Shares of Roomba maker iRobot (NASDAQ: IRBT) raced out of their charging station this morning and are up 14.5% as of 11:55 a.m. EDT after the company released a "business update" describing the "substantially stronger-than-expected quarterly revenue" it collected in Q2 2020. It seems that in a time of quarantine and stay-at-home orders, iRobot has booked "stronger-than-expected orders ... as consumers worldwide are increasingly relying on Roomba robot vacuums and Braava robot mops to address their home floor care needs," which is plumping out the top line nicely.
Image source: Getty Images.
iRobot's Q2 report, covering the period through the end of June, isn't due out till late next month. But already management is feeling optimistic that it will be kind of a blowout. And honestly, beating expectations shouldn't be too hard. Analysts who cover the company are forecasting a 30% sales decline at iRobot, with revenue of less than $183 million translating into a per-share loss of $0.71.
Source Fool.com
