Walmart-backed Symbotic drops 35% due to delayed filing and financial concerns

From Investing.com: 2024-11-27 10:01:46

Shares of Symbotic fell over 35% as the Walmart-backed warehouse automation firm delayed its annual report due to internal control weaknesses. The company is correcting a revenue recognition error impacting fiscal year 2024 financials. Walmart owns a 14.5% stake in Symbotic, which builds robotic warehouse systems for retail giants. Symbotic expects a $30-40 million impact on revenue, gross profit, and EBITDA due to corrections. The stock is down 27% this year, erasing $7.59 billion from its market value. Symbotic’s low free float of 86 million shares makes it prone to volatile price swings. The company also reduced its current quarter revenue forecast to $480-500 million from $495-515 million.



Read more at Investing.com: Walmart-backed Symbotic plummets 35% on delayed annual filing, financial reporting concerns By Reuters