iRobot shares plummeted over 30% Wednesday after the company expressed "substantial doubt" about its ability to stay in business, according to CNBC. The Roomba maker has struggled since Amazon abandoned its acquisition last year, citing regulatory hurdles.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02iRobot shares plummeted over 30 percent Wednesday after the company expressed
00:05substantial doubt about its ability to stay in business, according to CNBC.
00:09The Rubbermaker has struggled since Amazon abandoned its acquisition last year,
00:13citing regulatory hurdles. iRobot has since cut nearly half its workforce
00:17and launched eight new Rubbas to revive sales. However, the company warned that limited consumer
00:23demand, tariff concerns, and rising competition could undermine the strategy.
00:29Fourth quarter revenue fell, missing estimates, while net loss has widened.
00:32The board has initiated a strategic review, considering refinancing or a potential sale.