Consumers are buying up vacuum cleaners due to COVID-19 and more people working from home claims iRobot a popular robotic vacuum cleaner Company.
The Company has delivered bullish sales forecast, suggesting demand for the company’s autonomous vacuums is growing, last week Chinese robotic cleaning brand Ecovacs was trying to convince Australians to buy a vacuum cleaner with a camera built in.
“We are incrementally more optimistic about our second-half revenue growth prospects than we were in mid-June,” Chief Executive Officer Colin Angle said in a statement. “Rather than an expected decline in annual revenue, we now anticipate 2020 revenue will be relatively unchanged to slightly higher than 2019.”
According to the Company iRobot’s Roomba vacuum cleaners and Braava robot mops have been snapped up by thousands of people now working from home.
According to sources the problem for Australian retailers is supply with several vacuum brands now on back order.
In June, the company said it was seeing stronger-than-expected orders for premium Roomba and Braava models and raised its second-quarter revenue forecast to between $260 million and $270 million. At the time, Angle said iRobot was optimistic about the second half of the year and would share more details about the company’s outlook in late July.
According to Bloomberg, iRobot’s second-quarter earnings, before certain items, came in at $1.06 a share, up from 48 cents a share a year earlier. Revenue was $279.9 billion, an 8% gain from a year ago. Wall Street was looking for 29 cents a share on sales of $265 million.
iRobot shares rose 1.4% in extended trading. They are up almost 70% so far this year.