Symbotic Stock Plummets Amid Accounting Errors and Delayed Filing
TL;DR Summary
Symbotic's stock plummeted nearly 36% due to the discovery of accounting errors affecting its fiscal 2024 results, prompting a restatement and a delay in filing its annual report. The errors, related to revenue recognition, will lower key financial metrics by $30-40 million. Additionally, the company reduced its Q1 2025 guidance, significantly cutting its adjusted EBITDA forecast by over 50%. Investors are advised to wait for the official 10-K filing before making decisions, as the stock may remain volatile.
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