Symbotic delays annual report due to revenue errors, restates financials, leading to a 24% stock drop.

Symbotic, an AI robotics firm for supply chains, has delayed filing its annual report due to errors in revenue recognition. The company is restating financials for fiscal year 2024, reducing revenue and profit estimates by $30 to $40 million. Symbotic also revised its outlook for the first quarter of fiscal 2025, now expecting lower revenue and EBITDA. Shares dropped by 24% following the announcement.

November 27, 2024
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