Symbotic Stock Nosedives Amid Accounting Errors and Delayed Filing
Symbotic's stock plummeted 38% after revealing an accounting error related to revenue recognition, delaying its fiscal 2024 10-K report and reducing revenue and profit figures by $30-$40 million. The error affects multiple quarters, impacting adjusted EBITDA and gross profit, and leading to a downgraded Q1 2025 outlook. Analysts have downgraded the stock, citing internal control issues. Despite the setback, Symbotic's AI systems and partnerships, like with Walmart Mexico, offer potential growth, but the company faces a credibility challenge in the competitive robotics market.