Softbank-Backed Symbotic Sinks as Accounting Errors Hit Outlook

Symbotic Inc. shares tumbled as much as 39% on Wednesday after the warehouse automation company cut its first-quarter revenue forecast and said it was unable to file its annual filing due to accounting errors.

The company, which went public through a merger with a SoftBank Group Corp.-backed SPAC, cut its first-quarter revenue expectations to between $480 million and $500 million, from an earlier target range of $495 million to $515 million. The lowered target also missed the average analyst estimate of $508.4 million, according to data compiled by Bloomberg.

The firm’s AI-enabled warehouse automation platform counts the likes of Walmart ...