Symbotic Reports Mixed Q1 Results, Shares Tumble

Despite beating earnings estimates, Symbotic Inc. faces a sharp decline in stock value following its first-quarter financial report.

Symbotic Inc. reported a smaller-than-expected quarterly loss of 2 cents per share, surpassing analyst predictions of a 6-cent loss.
Quarterly sales reached $368.45 million, slightly missing analyst expectations by 0.11% but marking a 78.59% increase from the previous year.
Analysts from Keybanc and Needham have lowered their price targets for Symbotic following the earnings report.
Symbotic's stock experienced a significant drop, falling more than 17% in after-hours trading.
The company anticipates Q2 revenue between $400 million and $420 million, with adjusted EBITDA of $12 million to $15 million.