Symbotic Inc shares slumped almost 20% in pre-market trading on Tuesday following the robotics firm’s report of a first-quarter loss and low guidance for the coming months.
Net losses sat just shy of $13 million for the three months to December, the warehouse automation company updated on Monday, equating to $0.02 per share.
This was smaller than the $68 million loss reported in the first quarter of last year and came as revenue jumped by over 75% to $368 million.
Though revenue was in line with analysts’ expectations and losses were not as bad as the anticipated $0.06 per share, Symbotic’s guidance lagged compared to market consensus.
For the three months to March, the firm forecast pre-tax earnings of between $12 million to $15 million, against average market expectations of $28.1 million.
“2024 is off to a solid start with strong financial and operational results,” chief executive Rick Cohen commented.
“I am pleased with the trajectory and goals we have planned for the rest of the year.”
Shares in the company had jumped more than four-fold over the course of last year, with Monday’s report prompting the stock to fall 18.44% to $49.60 on Tuesday before the market opened.