BUZZ-Symbotic falls on delayed annual filing, lowered Q1 revenue forecast

Reuters
Nov 27, 2024
BUZZ-Symbotic falls on delayed annual filing, lowered Q1 revenue forecast

** Shares of robotics vendor Symbotic SYM.O fall 19% to $29 premarket

** SYM says it is unable to file annual report on form 10-K for fiscal year ended Sept. 28 before the due date

** Says it requires additional time to assess financial impacts of correcting error related to system revenue recognition and error in internal controls over financial reporting

** Co says it has identified certain material weakness in internal control over financial reporting for FY ended Sept. 28 and is implementing measures to remediate the issue

** SYM also revises its Q1 revenue forecast to the range of $480 mln to $500 mln vs prior expectation of $495 mln to $515 mln

** SYM went public in June 2022 after the Walmart-backed WMT.N firm merged with SPAC sponsored by Japan's SoftBank 9984.T

** Up to last close, stock down 27% YTD

(Reporting by Priyanka.G in Bengaluru)

((priyanka.g@thomsonreuters.com;))

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