Symbotic shares drop 36% after announcing accounting errors and lowered revenue guidance

Shares of Symbotic fell 36% on Wednesday after the company announced it would restate its fiscal 2024 results due to newly discovered accounting errors. These errors will negatively impact key financial metrics and delay the filing of its annual report. The company also lowered its guidance for the first quarter of fiscal 2025, expecting revenue between $480 million and $500 million, down from previous estimates. Adjusted EBITDA guidance was cut significantly from $29 million to $14 million. Symbotic's accounting issues have raised concerns among investors, leading to heavy trading activity. The company has until December 12 to file its annual report without penalties, leaving uncertainty about its financial standing.