Why Symbiotic Stock Rocketed Over 50% Higher Today
The combination of involvement in a white-hot technology and encouraging quarterly results boosted the stock of Symbiotic (NASDAQ: SYM) on Monday. The company, which harnesses artificial intelligence (AI) to make its warehouse-robotic products smarter and more productive, saw a nearly 51% share-price improvement after reporting its latest set of quarterly figures.
That was an interesting development, as Symbiotic had a mixed quarter. On the top line, the company earned nearly $312 million in revenue, which was far above the $261 million consensus analyst estimate. On the bottom line, though, its $4.3 million ($0.07) net loss was notably deeper than those prognosticators' collective forecast of only a $0.02 per-share deficit.
As a cutting-edge tech company using a super-popular technology -- AI -- in its wares, though, Symbiotic's investors might not be so concerned about a bottom-line miss. Additionally, the company did manage to narrow it; the year-ago net loss was more than $6.1 million. Meanwhile, revenue saw quite the pop, with that sub-$312 million being a meaty 17% higher on a year-over-year basis.
Source Fool.com
