iRobot Corp. (IRBT) Misses Q4 EPS, Revenue Beats, to Reduce its Workforce by Approximately 7%

iRobot Corp. (NASDAQ: IRBT) reported Q4 EPS of ($1.52), $3.54 worse than the analyst estimate of $2.02. Revenue for the quarter came in at $357.9 million versus the consensus estimate of $299.38 million.

• As a follow-on action to the company's August 2022 restructuring of operations and in anticipation that market conditions will remain challenging into 2023, iRobot has initiated a new restructuring program that is expected to deliver net annualized savings of approximately $14 million. As part of this restructuring, the company plans to reduce its workforce by approximately 7%, or approximately 85 employees, primarily by streamlining certain functions across the company. In addition to the reduction in force, iRobot's 2023 operating plan incorporates scaled back working media and other demand-generation activities, limited investment in non-robotic product categories and minimal new hiring plans in 2023.
• In conjunction with the workforce reduction, iRobot expects to record restructuring charges of approximately $4 million in the first quarter of 2023.
• The company anticipates that the decline in 2023 GAAP and non-GAAP operating expenses will range from mid-single digits to low double-digits on a percentage basis from 2022 GAAP and non-GAAP level

For earnings history and earnings-related data on iRobot Corp. (IRBT) click here.

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