Why Impinj Stock Price Is Up Today
Impinj easily beat expectations in the second quarter.
stock of imp (pie 4.41%) Shares of the RFID tag specialist rose today after it reported better-than-expected results in its second-quarter earnings report.
As a result, the stock was up 3.6% as of 3:09 p.m. ET.
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Impinj impresses again
Impinj, whose stock has soared since the pandemic-induced recession, said revenue jumped 19% to $102.5 million, beating estimates of $97.5 million.
Gross margin also jumped in the quarter, jumping from 51% to 56.1%, showing that the company is gaining leverage as it expands. Operating expenses also decreased in the quarter, due to a significant decrease in general and administrative expenses and a slight decrease in selling and marketing expenses.
In conclusion, the company reported adjusted earnings per share of $0.83, up from $0.33 in the year-ago quarter and better than the $0.74 estimate. Under generally accepted accounting principles (GAAP), the company also reversed its loss in the year-ago quarter to $0.34 per share.
CEO Chris Diorio said the company set several records in the quarter and easily beat its own expectations.
What’s next for Impinj?
As a leader in the RAIN RFID category, Impinj is capitalizing on demand growth across multiple channels, including retail, healthcare, and manufacturing. The company provided solid guidance for Q3, expecting revenue of $91 million to $94 million, ahead of consensus of $90.3 million and reflecting 42% growth.
Adjusted earnings per share were also expected to be $0.46 to $0.50, above consensus of $0.40.
Impinj stock is expensive, but the company has a track record of beating estimates. If it can continue to do so, the stock price will continue to rise.
