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iRobot Corporation (NASDAQ:IRBT) shares are trading lower in the morning session on Tuesday.
Yesterday, the company reported fourth-quarter revenues of $307.54 million, marginally missing the street view of $307.99 million.
Geographically, fourth quarter 2023 revenue declined 20% in the U.S., 19% in Japan and 5% in EMEA over the prior period last year.
Adjusted net loss per share was $(1.82), narrower than the analyst consensus of $(2.11) loss.
As announced on January 29, 2024, iRobot has initiated an operational restructuring plan designed to more closely align its cost structure with near-term revenue expectations and drive bottom-line improvement.
iRobot said it is implementing workforce reductions of approximately 350 employees, which represents 31% of the company’s workforce as of December 30, 2023. Most notifications of this broad layoff plan are taking place by March 30, 2024.
As part of this workforce reduction, iRobot expects to record restructuring charges totaling between $12 million and $13 million, primarily for severance and related costs.
Outlook: iRobot expects FY24 revenue of $825 million – $865 million versus $865.02 million estimate.
The company projects adjusted net loss per share of $(3.73)-$(3.30) versus $(2.49) estimate.
For the second half of the year, the company anticipates a mid-single-digit percentage improvement in revenue compared to the second half of 2023.
Price Action: IRBT shares are trading lower by 15.7% to $10.22 on the last check Tuesday.
Posted In: IRBT
