Stock Alert: IRobot Down 7%

(RTTNews) - Shares of iRobot Corp. (IRBT) are losing more than 7 percent or $6.04 in Wednesday's morning trade at $79.73 despite the consumer robot company reporting a surge in profit for the second quarter.

Tuesday, iRobot said its second-quarter net income surged to $58.62 million or $2.07 per share from $7.21 million or $0.25 per share in the year-ago period. Adjusted earnings were $1.06 per share, compared to $0.48 per share last year. Revenue for the quarter grew 8 percent to $279.9 million from $260.2 million in the prior-year quarter.

Looking ahead, iRobot said that rather than an expected decline in annual revenue, it now anticipates 2020 revenue will be relatively unchanged to slightly higher than 2019.

iRobot has traded in a range of $32.79 to $89.26 in the past 52 weeks.