PI - Why Impinj Stock Popped Today
2024-01-17 17:42:52 ET
Shares of Impinj (NASDAQ: PI) rose 11.4% on Wednesday after the RAIN RFID solutions company announced encouraging preliminary results ahead of a presentation at the 26th Annual Needham Growth Conference.
In a press release after the market closed yesterday, Impinj said it expects fourth-quarter 2023 revenue will exceed $70 million. That's down from $76.6 million in the same year-ago period, but also well above its previous guidance for sales in the range of $65.5 million to $68.5 million. Impinj also raised its outlook for fourth-quarter adjusted EBITDA to exceed $2.5 million, above its previous outlook for a range of negative ($0.9 million) to $0.7 million.
The news came ahead of a presentation by Impinj's co-founder and CEO, Chris Diorio, and its CFO Cary Baker in a fireside chat at the 26th Annual Needham Growth Conference earlier today.
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Why Impinj Stock Popped Today