Symbotic Inc. (SYM) shares plunged 6.38% in post-market trading on Wednesday, as the company's fiscal fourth-quarter revenue guidance slightly disappointed investors despite a strong third-quarter performance.
The company reported Q3 revenue of $720.8 million, a 22% increase year-over-year that surpassed the consensus estimate of $715.1 million. Net income swung to $55 million, or $0.09 per share, from a net loss of $21 million a year earlier. Adjusted EBITDA more than doubled to $95 million, reflecting a significant expansion in profitability.
However, Symbotic's outlook for the fourth quarter projects revenue between $760 million and $780 million. The $770 million midpoint of that range comes in just below the $770.7 million consensus estimate from LSEG IBES data, potentially sparking the after-hours sell-off. Additionally, the company's cash and cash equivalents fell to $1.7 billion from $2.0 billion at the end of the previous quarter, which may have added to investor concerns about cash consumption.
Comments