iRobot hits 14-year low as planned $1.4-bln merger deal with Amazon ends, cuts jobs

iRobot

29/01/2024 14:49

(Updates)
    ** Shares of Roomba vacuum maker iRobot  IRBT.O  down ~17%
at $14.19 in early trading, hit 14-year low 
    ** IRBT and Amazon.com  AMZN.O  to end their plans to merge
in the face of opposition from EU antitrust regulators
    ** Amazon says its proposed $1.4-bln acquisition of iRobot
had no path to regulatory approval in the European Union
    ** Shares of Amazon up marginally
    ** IRBT sees FY23 rev. of $891 mln, down 25% from a year ago
    ** Co expects an operating loss of about $200 mln for FY
    ** Also announces restructuring plans to layoff about 350
employees
    ** CEO Colin Angle steps down from helm, Glen Weinstein to
be interim CEO
    ** In 2023, IRBT stock down ~20%, AMZN stock up ~81%

 (Reporting by Anuja Bharat Mistry in Bengaluru)
 ((AnujaBharat.Mistry@thomsonreuters.com;))