Why Is Symbotic Stock Shooting Higher Today
Portfolio Pulse from Nabaparna Bhattacharya
Symbotic Inc. (NASDAQ:SYM) reported better-than-expected Q3 revenues of $311.83 million, beating the consensus of $261.02 million. Sales rose 77.6% Y/Y. The company also reported a net loss of $(39.08) million, compared to $(32.88) million net loss a year ago. Symbotic expects Q4 revenue of $290 million-$310 million. The company's shares are trading higher by 9.66%.
July 31, 2023 | 1:57 pm
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Symbotic's better-than-expected Q3 revenues and positive outlook for Q4 have led to a rise in its stock price.
Symbotic's Q3 revenues exceeded expectations, which is a positive signal to investors and can lead to increased demand for the stock. The company's positive outlook for Q4 further strengthens investor confidence, potentially leading to a continued rise in the stock price.
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