**Symbotic Stock Plummets Nearly 40% After Financial Reporting Delays and Revised Sales Guidance**

Symbotic's shares experienced a sharp decline of almost 40% on Wednesday as the robotics automation company revealed it requires additional time to file its annual report. The announcement highlighted "material weaknesses" in its financial reporting controls, compounding investor concerns. The company's stock fell over 38%, bringing it to 22.94.

In a public statement, Symbotic explained that it had identified instances where expenses for goods and services were recorded before achieving specific milestones. This issue was initially disclosed in their fiscal fourth-quarter earnings report on November 18. However, the company has now uncovered further errors linked to "cost overruns that will not be billable on certain deployments." These discrepancies have impacted the revenue figures reported for the last three quarters.

Symbotic estimates that correcting these errors will decrease system revenue, system gross profit, income (loss) before income tax, and adjusted EBITDA by $30 million to $40 million for the fiscal year 2024, when compared to the figures released on November 18. The company also adjusted its sales forecast for the ongoing quarter. It now projects sales between $480 million and $500 million, a reduction from the previously forecasted range of $495 million to $515 million.

Despite a significant surge of over 300% in its share price in 2023, Symbotic has faced a rough year overall, with its stock down more than 50% year to date, including the recent downturn. The company's Relative Strength Rating has dropped to 79 out of a possible 99, with shares falling below their 200-day, 50-day, and 21-day moving averages, according to MarketSurge data.

Symbotic, which went public in 2022, provides a robotics automation platform utilized by retail giants such as Walmart, which is also an investor in the company.