Symbotic (SYM), a maker of robotic technologies for automating warehouses, late Monday reported in-line results for its fiscal first quarter ended Dec. 30. But SYM stock plummeted in extended trading after the report.

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The Wilmington, Mass.-based company reported $14 million in adjusted earnings before interest, taxes, depreciation and amortization, or EBITDA. Sales rose 79% year over year to $368 million. Symbotic had forecast adjusted EBITDA of $11 million to $14 million on sales of $350 million to $370 million for the period.

Symbotic’s fiscal Q1 report marked its second straight quarter of profitability on an adjusted basis.

For the current quarter, Symbotic predicted adjusted EBITDA of $12 million to $15 million on sales of $400 million to $420 million. Analysts polled by FactSet had been looking for sales of $402.3 million in the March quarter.

SYM Stock Drops After Report

In after-hours trading on the stock market today, SYM stock tumbled more than 19% to 39.90. During the regular session Monday, SYM stock dropped 1.7% to close at 49.60.

Symbotic went public in June 2022. Its customers include Walmart (WMT), Albertsons, C&S Wholesale Grocers, Associated Food Stores and Southern Glazer’s Wine & Spirits.

Ahead of the earnings report, SYM stock had an IBD Relative Strength Rating of 97 out of 99, according to IBD Stock Checkup.

Follow Patrick Seitz on X, formerly Twitter, at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.

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