The move added to significant gains for investors this year, with iRobot up over 60% through the first half of 2020.
Investors celebrated a business update from the robotic cleaning device giant, who said on June 15 that sales trends are recovering nicely in the second quarter. Revenue is now on pace to land as high as $270 million, in fact, up from the prior forecast of below $193 million. iRobot noted sharp demand for its vacuum and mopping products as more people ramped up time spent at home. "Our anticipated second-quarter 2020 financial performance will be substantially better than we originally expected," CEO Colin Angle said in a press release.
iRobot is now on pace to return to profitability in the second quarter, and investors will be watching that late July report for clues about its wider rebound trajectory. These metrics include its inventory holdings, average selling price, and gross profit margins. The company still sees annual sales slipping overall in 2020 as COVID-19 joined trade and pricing wars to pressure its results. The stock's trajectory will depend on how quickly iRobot returns to growth from there.