Summary by Moomoo AI
Symbotic, a company specializing in warehouse automation technology, reported a significant increase in revenue for the three and nine months ended June 29, 2024, compared to the same periods in 2023. Revenue for the three months was $491.9 million, a 58% increase from $311.8 million in 2023. For the nine months, revenue rose 64% to $1.28 billion from $785 million. This growth was primarily driven by the deployment of systems under a Master Automation Agreement with Walmart, expected to continue through fiscal year 2028. The company also saw an increase in Software Maintenance and Support revenue due to more operational sites under contract. Operation Services revenue grew due to more deployment sites and spare parts sales. Gross profit for the three months increased to $67.4 million from $52.9 million, and for the nine...Show More
