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Why iRobot Stock Fell 13% This Morning

·2 min read
Why iRobot Stock Fell 13% This Morning
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Shares of iRobot (NASDAQ: IRBT) were off 13% through 11:04 a.m. EDT today -- a curious reaction indeed to the astounding earnings beat that the company turned in last night. Analysts had forecast that iRobot would earn a mere $0.09 per share in profit on sales of just $264 million for its fiscal first quarter 2021, but when iRobot released its results, it reported more than four times as much profit -- $0.41 per share, pro forma -- and quarterly sales of $303.3 million. Lockdowns were just taking effect -- locking homeowners into their homes, locking their cleaning services out, and presumably raising interest in automated home-cleaning solutions like iRobot's Roomba robot vacuums.