iRobot slumps as planned $1.4 bln merger deal with Amazon ends, cuts jobs

iRobot

29/01/2024 14:09

(Updates)
    ** Shares of Roomba vacuum maker iRobot  IRBT.O  down ~19%
at $13.58 premarket
    ** 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 marginally up 0.4% premarket
    ** 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;))