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iRobot to slash job of 10% of employees to save $50 mn

iRobot said it is in the process of eliminating jobs of approximately 140 employees, which represents 10 percent of the company’s workforce as of July 2, 2022.
iRobot for homes
The restructuring process is expected to deliver savings of $5-$10 million in 2022 and $30-$40 million in 2023.

iRobot, which will be acquired by in a $1.7 billion deal, will shift non-core engineering functions to lower-cost regions and leverage its joint design manufacturing (JDM) partners; better balancing global and regional commercial and marketing resources to support go-to-market plans.

iRobot reported revenue of $255.4 million for the second quarter of 2022 against $365.6 million in the second quarter of 2021. iRobot’s revenue for the first half of 2022 was $547.3 million versus $668.9 million in the first half of 2021.

iRobot said its second-quarter 2022 revenue performance was impacted by order reductions, delays and cancellations from retailers in North America and EMEA, and lower-than-anticipated direct-to-consumer (DTC) sales.

iRobot said second-quarter 2022 revenue declined 39 percent in EMEA, 29 percent in the U.S. and 18 percent in Japan over the prior period last year.

iRobot said revenue from mid-tier robots (with an MSRP between $300 and $499) and premium robots (with an MSRP of $500 or more) represented 83 percent of total robot sales in the second quarter of 2022 versus 82 percent in the same quarter one year ago.

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