Shares of iRobot (IRBT) - Get Report sank in after-hours trading Tuesday after the company lowered its full-year earnings forecast citing the ongoing effects of President Donald Trump's trade war with China.
Shares fell $16.23, or 18%, to $73.40 in after-hours action.
The company said in a statement that "the direct and indirect impacts of the ongoing U.S.-China trade war and the recently implemented 25% tariffs are likely to constrain U.S. market segment growth in the second half of the year below our expectations at the start of 2019."
It said it now expects full-year 2019 revenue of $1.2 billion to $1.25 billion vs. previous guidance of $1.28 billion to $1.31 billion; full-year 2019 operating income of $75 million to $100 million vs. previous guidance of of $108 million to $118 million; and full-year earnings per share of $2.40 to $3.15, vs. previous guidance of $3 to $3.25.
The company posted adjusted second-quarter earnings per share of 48 cents, vs. analyst expectations of 3 cents. Revenue came in at $260.2 million, vs. expectations of $267.8 million.