SYM - Why Symbotic Stock Rallied Tuesday Morning
2024-05-07 12:11:58 ET
Shares of Symbotic (NASDAQ: SYM) charged sharply higher Tuesday, soaring as much as 14.6%. As of 11:12 a.m. ET, the stock was still up 6.8%.
The catalyst that sent the warehouse automation specialist higher was its strong financial report, which held a few surprises.
For its fiscal second quarter (ended March 30), Symbotic generated revenue of $424 million, jumping 59% year over year and 15% quarter over quarter. This surged past the high end of management's guidance and analysts' consensus estimates, which called for $420 million and $412.9 million, respectively.
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Why Symbotic Stock Rallied Tuesday Morning