Symbotic projects second-quarter core earnings below estimates
05/02/2024 23:11
Feb 5 (Reuters) - Walmart-backed WMT.N warehouse
automation company Symbotic SYM.O projected second-quarter
core earnings below Wall Street estimates on Monday, sending its
shares down 18% in trading after the bell.
Shares of the company, which builds solutions to automate
warehouses using artificial intelligence software and robots
that can collect, store and retrieve products, soared more than
four times last year.
Symbotic forecast adjusted earnings before interest, tax,
depreciation and amortization of $12 million to $15 million in
the quarter ending March, compared with analysts' average
estimate of $28.1 million, according to LSEG data.
It reported revenue for the quarter ended December at $368.5
million, largely in line with analysts' estimates.
Meanwhile, its loss stood at 2 cents per share in the first
quarter of fiscal year 2024, compared with analysts'
expectations of loss of 6 cents per share.
Symbotic went public in June 2022 after the company merged
with a blank-check firm sponsored by Japan's SoftBank 9984.T .
SoftBank Group is forming a joint venture with Symbotic to
build AI-powered warehouses that will be majority owned by the
Japanese technology investor, the companies had said in July.
(Reporting by Akash Sriram in Bengaluru; Editing by Shilpi
Majumdar)
((Akash.Sriram@thomsonreuters.com; On X as @HoodieOnVeshti;
+91-74116-87774;))