iRobot Executives Explain a "Speed-Bump" Quarter
iRobot's (NASDAQ: IRBT) surging growth trajectory seemed at risk after its first-quarter report showed slower vacuum sales and reduced profitability. But executives said at the time that the issues were temporary, and they predicted a rebound would occur over the second half of 2019.
This week, the consumer electronics specialist instead revealed worsening trends for demand and profit. And, while CEO Colin Angle and his team called the challenges "transitory," they acknowledged that the issues will result in lower sales and far weaker earnings than iRobot had initially projected for 2019.
Executives described their reasoning for the downgraded outlook in a conference call with analysts. Below are a few highlights from that presentation.
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