2023-11-21 07:21:24 ET
Shares of Symbotic (NASDAQ: SYM) , which makes artificial intelligence (AI)-enabled robotics technology for supply chains, soared 21.5% in Monday's after-hours trading following the company's release of its report for the fourth quarter of fiscal 2023 (which ended Sept. 30).
Investors' delight is attributable to the quarter's revenue and earnings exceeding Wall Street's expectations, with the top-line beat a huge one, along with revenue guidance for the first quarter of fiscal 2024 coming in higher than the analyst consensus estimate.
Symbotic might be a new name for some investors. The company's stock only began trading in June 2022, after it went public via a reverse merger with a special purpose acquisition company ( SPAC ).
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Symbotic Stock Soars 22% as Earnings Beat and Revenue Crushes Estimates