Symbotic Shares Gain On Strong Q2 Sales: The Details

Symbotic Inc. SYM reported its second-quarter financial results after the bell Monday. Here's a look at the highlights. 

The Details: Symbotic reported quarterly losses of 7 cents per share which missed the analyst consensus estimate of 5 cents by 40%.

Quarterly sales clocked in at $424.301 million which beat the analyst consensus estimate of $412.903 million by 2.76% and represents a 59% increase over sales of $266.854 million from the same period last year.

Cash, cash equivalents and marketable securities on hand increased by $276 million from the prior quarter to $951 million at the end of the second quarter.

“This past quarter we executed well for our customers, made significant progress on our innovation roadmap and delivered solid financial results,” said Rick Cohen, CEO of Symbotic. “We made significant advances in both software and hardware this quarter that will benefit customers, accelerate deployment times and increase our deployment capacity.”

Outlook: Symbotic saw third-quarter revenue of $450 million to $470 million and adjusted EBITDA of $27 million to $29 million.

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SYM Price Action: According to Benzinga Pro, Symbotic shares are up 10.04% after-hours at $46.15 at the time of publication Monday.

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