PI - Why Impinj Stock Got Pinched Today
2023-07-27 12:34:24 ET
Shares of Impinj (NASDAQ: PI) , a maker of radio-frequency identification devices (RFID) and software to track them, tumbled 6.1% through 11:20 a.m. ET this morning despite edging out analyst expectations in its Q2 2023 earnings report last night.
Heading into the report, Wall Street had forecast that Impinj would earn $0.30 per share (adjusted for one-time items) on sales of $85 million. Impinj "beat" on both top and bottom lines, however. Adjusted earnings for the quarter came in at $0.33 per share, while sales were $86 million -- a "new record" for quarterly sales.
That's the good news. The bad news is that while Impinj succeeded in growing its sales 44%, it failed to achieve true profitability as calculated according to generally accepted accounting principles ( GAAP ). Although "adjusted" earnings exceeded expectations and were termed profitable, the company's actual GAAP results showed a loss of $0.30 per share -- though this was better than last year's Q2 loss of $0.45 per share.
For further details see:
Why Impinj Stock Got Pinched Today