Why Symbotic Stock Is Plummeting Today
Symbotic (NASDAQ: SYM) stock is sinking in Tuesday's trading following the recent release of the company's quarterly results. The robotics specialist's share price was down 21.2% as of 10:45 a.m. ET, according to data from S&P Global Market Intelligence.
Symbotic published results for the third quarter of its fiscal year after the market closed yesterday, delivering mixed results. While the company posted sales for the period that beat the market's expectations, earnings for the period came in worse than expected.
Symbotic posted a loss of $0.02 per share on sales of $491.86 million in fiscal Q3 -- a period that wrapped June 29. For comparison, the average analyst estimate had expected the business to post a breakeven quarter on revenue of $463.81 million.
Source Fool.com
