Symbotic Shares Fall After Mixed Q1 Earnings Report

Symbotic Inc. SYM shares are falling after the company reported mixed first-quarter financial results after the bell Monday. Here's a look at the details.

The Details:

Symbotic reported quarterly losses of 2 cents per share which beat the analyst consensus estimate of a loss of 6 cents per share by 66.67% and is a 83.33% increase over losses of 12 cents per share from the same period last year.

The company reported quarterly sales of $368.45 million, missing the analyst consensus estimate of $368.86 million by 0.11% and representing a 78.59% increase over sales of $206.31 million the same period last year.

“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, CEO of Symbotic.

“We will continue to innovate and build deployment capacity to support growth and increased profitability for our stakeholders.”

Symbotic expects revenue of between $400 million and $420 million and adjusted EBITDA of between $12 million and $15 million for the second quarter.

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SYM Price Action: According to Benzinga Pro, Symbotic shares are trading down 19.4% after-hours at $39.99 at the time of publication.

Image: Pete Linforth from Pixabay