PI - Why Impinj Stock Soared 34% Higher This Morning
2023-10-26 16:17:28 ET
Shares of Impinj (NASDAQ: PI) sent a clear signal to Wall Street on Thursday. The stock rose as much as 34.4% in the morning, backing down to a still-impressive 24% gain as of 2:45 p.m. ET. The maker of radio-frequency identification (RFID) devices and systems posted robust third-quarter results on Wednesday evening, supported by rosy guidance for the next quarter.
Installing an RFID tag. Image source: Getty Images.
Let's start with the raw headline numbers. Impinj's third-quarter revenues fell 4.8% year over year, landing at $65 million. On the bottom line, the year-ago period's adjusted earnings of $0.34 per share dropped to a breakeven showing. However, your average Wall Street analyst would have settled for a net loss of $0.10 per share on sales near $64.8 million. Impinj edged out both of these analyst targets.
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Why Impinj Stock Soared 34% Higher This Morning