Symbotic falls on delayed annual filing, lowered Q1 revenue forecast

Symbotic

27/11/2024 14:59

(Updates)
    ** Shares of robotics vendor Symbotic  SYM.O  fall 35.3% to
$24.44 
    ** SYM says it is unable to file annual report on form 10-K
for fiscal year ended Sept. 28 before the due date
    ** Says it requires more time to assess financial impacts of
correcting error related to system revenue recognition and error
in internal controls over financial reporting
    ** Co says it has identified certain material weakness in
internal control over financial reporting for FY ended Sept. 28
and is implementing measures to remediate the issue
    ** SYM also revises its Q1 revenue forecast to the range of
$480 mln to $500 mln vs prior expectation of $495 mln to $515
mln 
    ** SYM went public in June 2022 after the Walmart-backed
 WMT.N  firm merged with SPAC sponsored by Japan's SoftBank
 9984.T 
    ** SYM, whose shares have fallen 27% YTD, is on track to
lose about $7.59 billion from market value of $21.91 billion, if
losses hold

 (Reporting by Priyanka.G in Bengaluru)
 ((priyanka.g@thomsonreuters.com;))