iRobot’s has “substantial doubt” about the future of the company.
Transcript:
Caroline Woods: Roomba, the floor-cleaning robot, has found a mess it might not even be able to clean up.. Parent company iRobot says it has “substantial doubt about the company’s ability to continue.” This news comes a little more than a year after Amazon agreed to acquire the company for $1.7 billion. That deal, however, fell through due to concerns raised by European regulators.
Despite the gloomy outlook, iRobot has continued to turn out new products. Just this week the company released 8 new Roombas – marking the largest product launch in iRobot’s 30-year history. CEO Gary Cohen remains optimistic, telling investors the new product line “should begin to support year-over-year revenue growth in 2025.” The company hopes the launch will help boost revenue.
However, it will be an uphill battle. In its most recent earnings report, iRobot revealed revenue was down 47 percent in the U.S. from the same period a year ago. Shares of the company are down more than 60 percent over the last 12 months.
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