iRobot Q1 2020 Earnings Report
Key Takeaways
iRobot reported a decrease in revenue for the first quarter of 2020, impacted by COVID-19 and supply chain challenges. The company initiated cost-reduction actions to drive savings and was granted an exclusion from Section 301 tariffs.
First-quarter revenue decreased by 19% year-over-year to $192.5 million due to COVID-19 related disruptions.
GAAP operating loss was $20.2 million, compared to an operating income of $22.3 million in the first quarter of 2019.
The company initiated cost-reduction actions expected to drive $30 million in net savings during 2020.
iRobot was granted an exclusion from Section 301 tariffs for its Roomba robot vacuums.
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iRobot Revenue by Geographic Location
Forward Guidance
iRobot withdrew its financial expectations for 2020 due to the uncertainty surrounding COVID-19 and the evolving tariff exclusion process. The company is not updating its outlook at this time.
Revenue & Expenses
Visualization of income flow from segment revenue to net income