Symbotic, Inc. (SYM) delivered a classic mixed earnings report Wednesday that had everything: an earnings miss, a revenue beat, and a stock rally that probably made short sellers nervous.
The Numbers: The warehouse automation company reported earnings of two cents per share for the first quarter, missing the three-cent consensus estimate. But revenue came in at $629.99 million, topping Wall Street's $623.11 million expectation.
Here's where it gets interesting: Symbotic stock entered the earnings release with over 30% of shares sold short, meaning a lot of investors were betting against the company. That positioning likely amplified the after-hours move.
"We are off to a strong start this fiscal year," said CEO Rick Cohen. "Our operational execution and product innovation are yielding tangible economic benefits for both our customers and us."
Looking Ahead: The company guided second quarter revenue to $650-670 million, comfortably above the $639.24 million analyst estimate. That optimistic outlook probably explains why investors looked past the earnings miss.
Symbotic shares climbed 13.12% to $60.50 in extended trading Wednesday.
