SYM - Symbotic: Still A Buy But Price Target Lowered
2024-02-14 00:13:19 ET
Summary
- Symbotic's Q1 revenue of $369 was in-line, but the stock price plunged over 20% due to high market expectations.
- Symbotic's delivery-based revenue model and dependencies on suppliers and subcontractors can lead to quarterly revenue fluctuations.
- We are reducing our revenue estimate for FY 2024 due to the slower pace of new system deployments.
Symbotic Q1 Revenue Fell Short of Market Expectations
Symbotic ( SYM ) reported its Q1 2024 results on February 5, 2024. Revenue came in-line and EPS was a beat by $0.03. The company delivered revenue of $369 million (79% YoY), and adjusted EBITDA of $14 million for the quarter. In Q1 2023, it had revenue of $206 million, and an adjusted EBITDA loss of $16 million....
Symbotic: Still A Buy But Price Target Lowered