Stock Alert: IRobot Declines 15% Despite Upbeat Results

(RTTNews) - Shares of robots maker iRobot Corporation (IRBT) are falling more than 14% Wednesday morning at $81.92 in spite of the company reporting better-than-expected third-quarter results.

Third-quarter earnings on an adjusted basis were $2.58 per share compared with $1.50 per share last year. Analysts polled by Thomson Reuters were expecting earnings of $0.97 per share.

Revenue for the third quarter was 2020 was $413.1 million, an increase of 43% year-on-year. The consensus estimate was for $312.44 million.

IRBT stock has traded in the range of $32.79- $98.55 in the past one year.