Symbotic Stock Tanks After Q1 Report: Here's Why

Symbotic Inc. SYM reported its first-quarter financial results after Wednesday's closing bell. Here's a look at the details from the report. 

The Details: Symbotic reported quarterly losses of three cents per share which missed the analyst consensus estimate for losses of two cents. Quarterly revenue of $486.69 million also missed the analyst consensus estimate of $490.98 million.

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“In the first quarter, we continued to deliver high growth while enhancing our technology position,” said Rick Cohen, CEO of Symbotic.

“With our recent acquisition of Walmart’s Advanced Systems and Robotics business now completed, we look forward to enhancing an already strong position to drive exceptional results for our stakeholders,” Cohen added.

Outlook: Symbotic sees second-quarter revenue of between $510 million and $530 million, versus the $535.78 million estimate.

SYM Price Action: According to data from Benzinga Pro, Symbotic shares are down 11.48% after hours at $27.37 Wednesday.  

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