Symbotic Shares Gain On Strong Q2 Sales: The Details
Portfolio Pulse from Erica Kollmann
Symbotic Inc. (NASDAQ:SYM) reported Q2 financial results with losses of 7 cents per share, missing estimates by 40%, but surpassed sales expectations with $424.301 million, a 59% increase year-over-year. Cash reserves grew to $951 million. The company anticipates Q3 revenue between $450 million and $470 million, with adjusted EBITDA of $27 million to $29 million. SYM shares rose 10.04% after-hours.
May 06, 2024 | 8:50 pm
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Symbotic Inc. reported a mixed Q2 with a miss on EPS but a beat on sales, showing strong year-over-year growth. The company has a positive outlook for Q3, which contributed to a 10.04% increase in after-hours trading.
The positive sales growth and optimistic revenue outlook for Q3, despite missing EPS estimates, indicate strong operational performance and potential for future growth. This has likely contributed to the positive investor sentiment reflected in the after-hours stock price increase.
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