Symbotic Inc SYM shares are tumbling in Monday’s after-hours session on the heels of the company’s third-quarter financial results.
Q3 Earnings: Symbotic reported fiscal third-quarter revenue of $491.862 million, beating analyst estimates of $464.55 million, according to Benzinga Pro. The company reported an earnings loss of 2 cents per share, missing estimates for positive earnings of 1 cent per share.
Symbotic had $870 million in cash, cash equivalents and marketable securities at quarter’s end, down $81 million from the end of the prior quarter.
“Our teams continue to focus on execution of the 39 systems we have in deployment, which is reflected in our record revenue for the quarter. Our system gross margin fell below expectations due to elongated construction schedules and implementation costs,” said Rick Cohen, chairman and CEO of Symbotic.
“We are focused on improving our planning, speed of implementation and project management to improve performance.”
Outlook: Symbotic expects fourth-quarter revenue to be in the range of $455 million to $475 million. The company anticipates fourth quarter adjusted EBITDA of $28 million to $32 million.
Symbotic is an automation technology company that aims to reimagine the supply chain through the implementation of its end-to-end, AI-powered robotic and software platform.
SYM Price Action: Symbotic shares were down 17.12% after hours at $29.53 at the time of publication, according to Benzinga Pro.
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