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Why Symbotic Stock Surges After-Hours

Author: Ryan Gustafson | November 20, 2023 05:05pm

Symbotic Inc. (NASDAQ:SYM) shares are trading higher in Monday's after-hours session after the company reported better-than-expected fourth-quarter sales results.

What To Know: Symbotic reported quarterly losses of eight cents per share, topping analyst estimates of losses of 12 cents, a 20% increase over losses of 10 cents per share from the same period last year.

The company reported quarterly sales of $392.00 million which exceeded the analyst consensus estimate of $306.90 million, a 60.38% increase over sales of $244.41 million the same period last year.

Cash, cash equivalents, restricted cash and marketable securities on hand grew to $548 million, an increase of $35 million from last quarter.

Symbotic saw first-quarter revenue in a range between $350 million and $370 million, and adjusted EBITDA between $11 million and $14 million.

"This has been a year of tremendous growth and progress for Symbotic. Our financial performance is a testament to the hard work and dedication of our talented team," said Symbotic Chairman and CEO Rick Cohen. "In fiscal 2024, we will continue to invest in driving innovation, strengthening our partnerships, and scaling for growth."

Related Link: Keysight Technologies Stock Gains After-Hours On Solid Q4 Earnings

SYM Price Action: Shares of SYM were up 20.37% at $44.73 in the after-hours session at the time of publication, according to Benzinga Pro

Photo: by THAM YUAN YUAN from Pixabay

Posted In: SYM