AI-Enabled Robotics Technology Company Symbotic Stock Surges 27% After Strong Q4 Results

Tiger Newspress11-19 17:29

Symbotic, an AI-enabled robotics technology company for supply chains, reported fourth-quarter fiscal 2024 results that exceeded analyst expectations, sending its shares up 26.7% in premarket trading Tuesday.

Symbotic reported quarterly earnings of five cents per share, which beat the analyst consensus estimate of three cents. Quarterly revenue came in at $576.76 million, which beat the analyst consensus estimate of $470.27 million and is an increase over sales of $391.88 million from the same period last year.

“I’m pleased with our performance this year, as our focus on innovation and customer success has delivered robust growth. This year’s results, driven by the hard work and dedication of our team, underscore the strength of our long-term strategy and commitment to driving sustainable, long-term growth for our customers, shareholders, and employees,” said Rick Cohen, CEO of Symbotic.

For the first quarter of fiscal 2025, Symbotic expects revenue of $495 million to $515 million, versus the $495.73 million estimate, and adjusted EBITDA of $27 million to $31 million.

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