Tuesday, July 23, 2019

iRobot (IRBT) Reports 2Q'02019 Results

iRobot (IRBT) reported 2Q'02019 after the market closed on 23 July 02019. The company's press release started with the following paragraph.
"We delivered 15% revenue growth as a result of double-digit expansion in each major geographic region. We took steps to adjust spending during the quarter, which enabled us to deliver higher-than-expected operating income and EPS results. The successful launch of our new Roomba s9 vacuums and Braava jet m6 mops at the end of May represented an important milestone in our plans to strengthen Roomba leadership, extend the portfolio beyond vacuuming and advance our position in the Smart Home." 
I checked the stock after hours and it was down almost 20%.

The second paragraph of the press release started with:

"Although we achieved our U.S. revenue target in the second quarter, we believe that the direct and indirect impacts of the ongoing U.S.-China trade war and the recently implemented 25% tariffs are likely to constrain U.S. market segment growth in the second half of the year below our expectations at the start of 2019."
D'oh!

IRBT closed at $89.63 on 23 July 02019.

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