Symbotic, the Walmart-backed artificial intelligence (AI) warehouse technology company, warned Wednesday about accounting errors.
Symbotic said it was delaying its annual report and revising its current-quarter outlook because of the accounting mistakes.
Symbotic shares plunged after the news Wednesday, losing nearly 40% of their value in intraday trading.
Shares of Symbotic (SYM) cratered Wednesday after the artificial intelligence (AI)-driven warehouse technology company announced it was delaying its annual report and revising its current-quarter outlook after discovering “certain material weaknesses” in its financial reporting for the 2024 fiscal year ended Sept. 28.