Stock Alert: IRobot Jumps 10% As Revenue Outlook Lifted

(RTTNews) - Shares of iRobot Corp. (IRBT) gained over 10% on Monday morning after the company raised its second-quarter revenue guidance driven largely by strong demand for its products, especially Roomba vacuums and Braava robot mops.

IRBT is currently trading at $83.11, up $7.91 or 10.52%, on the Nasdaq.

iRobot anticipates second-quarter revenues between $260 million and $270 million, up from prior expectations of $193 million. Analysts polled by Thomson Reuters estimated revenues of $182.82 million.

The company anticipates operating profitability for the quarter, compared prior expectation for a sizeable second-quarter adjusted loss from operations.

"Our anticipated second-quarter 2020 financial performance will be substantially better than we originally expected," stated CEO Colin Angle. "We have experienced strong demand thus far into the second quarter, particularly in the U.S., with solid growth in our premium products.

Maintaining a clean home has become a higher priority for many consumers as COVID-19 has forced people to spend more time in their homes.