IOT - Why Samsara Stock Rocketed 14% Higher Today
2024-03-08 18:01:53 ET
Now this is the way to end a trading week. Internet of Things (IoT) and cloud computing company Samsara (NYSE: IOT) saw its share price balloon by 14% on Friday, following the release of its latest set of quarterly and full-year results. The stock's performance was miles better than that of the S&P 500 index, which slumped on the day by nearly 0.7%.
Samsara took in more than $276 million in revenue during its fourth quarter of fiscal 2024, which was a very robust 48% higher year over year. The bottom-line improvement was even more impressive, as under non- GAAP (adjusted) standards the IoT specialist flipped to a profit of over $23 million ($0.04 per share) against the year-ago loss of almost $8.3 million.
On average, analysts tracking Samsara stock were anticipating the company would book a bit more than $258 million for revenue and post adjusted net income of $0.03 per share.
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Why Samsara Stock Rocketed 14% Higher Today