Symbotic Stock Plunges 23.5% due to the AI-Powered Robot Maker's Guidance for Revenue Growth to Slow
Shares of Symbotic (NASDAQ: SYM), which makes artificial intelligence (AI)-enabled robotics technology for supply chains, plunged 23.5% on Tuesday, following the company's release on the prior afternoon of its report for the third quarter of fiscal 2024 (ended June 29).
The stock sell-off was largely due to revenue guidance for fiscal Q4 falling considerably short of Wall Street's expectation.
Another contributing factor was likely fiscal Q3's earnings missing the analyst-consensus estimate. On the positive side, the quarter's revenue sped by Wall Street's expectation.
Source Fool.com