Symbotic shares plunge as earnings, revenue miss expectations By

© Reuters. Symbotic (SYM) shares plunge as earnings, revenue miss expectations

Symbotic (SYM) shares plunged as much as 19% after reporting its latest quarterly earnings after the close on Monday, missing profit and revenue consensus expectations.

The company, which works in AI-enabled robotics technology for the supply chain, posted a Q1 loss per share of ($0.02), $0.04 worse than the analysts’ estimate of $0.02. At the same time, revenue for the quarter came in at $368.45 million, below the consensus estimate of $368.84 million.

SYM’s CFO Carol Hibbard said that the company’s first-quarter revenue grew nearly 80% compared to the same period a year ago, while it posted a second quarter of positive adjusted EBITDA, which came in at $14 million.

“Fiscal year 2024 is off to a solid start with strong financial and operational results. I am pleased with the trajectory and goals we have planned for the rest of the year,” said Rick Cohen, chairman and CEO of Symbotic. “We will continue to innovate and build deployment capacity to support growth and increased profitability for our stakeholders.”

For the second quarter, Symbotic sees its revenue coming in between $400 million to $420 million and adjusted EBITDA from $12 million to $15 million.

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