Why Symbotic Stock Skyrocketed on Tuesday
Shares of Symbotic (NASDAQ: SYM) charged sharply higher Tuesday, soaring as much as 39.9%. As of 10:50 a.m. ET, the stock was still up 31.75%.
The catalyst that sent the warehouse automation company surging was its robust financial report, which blew past even the most bullish expectations.
For its fiscal fourth quarter (ended Sept. 30), Symbotic generated record revenue that grew 61% year over year to $392 million. This soared past the high end of management's guidance and analysts' consensus estimates, which clocked in at $310 million and $299.7 million, respectively. For the full fiscal year, revenue of $1.18 billion jumped 98%.
Source Fool.com
