SYM - Why Symbotic Stock Is Plunging Today
2024-02-06 11:10:01 ET
Warehouse automation specialist Symbotic (NASDAQ: SYM) reported quarterly results that beat or matched Wall Street expectations, but investors wanted more. Shares of Symbotic traded down more than 20% as of 10:30 a.m. ET as the market ponders whether the stock has gotten ahead of results.
Symbotic shares entered earnings season red hot, up about 240% in the last 12 months on excitement about the company's suite of robotics and warehouse automation products.
The company reported a loss of $0.02 per share in its fiscal first quarter ended Dec. 30, beating Wall Street's $0.06-per-share loss estimate, on revenue that matched expectations at $368.45 million. Revenue was up 78% year over year, and the company's cash balance increased by $129 million from the previous quarter to $677 million.
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Why Symbotic Stock Is Plunging Today