Impinj Stock Soars on Strong Q2 Outlook

Benzinga04-30

Impinj Inc (NASDAQ:PI) shares are soaring in Wednesday’s after-hours session on the heels of the company’s strong first-quarter results. Here’s what you need to know.

Impinj Earnings Highlights

Impinj reported first-quarter revenue of $74.25 million, beating analyst estimates of $72.46 million, according to Benzinga Pro. The IoT company reported adjusted earnings of 14 cents per share, in line with analyst estimates.

“Our first-quarter results were solid, with revenue and adjusted EBITDA exceeding the top end of our guide range. Endpoint IC bookings hit an all-time record, engendering a strong second-quarter revenue outlook,” said Chris Diorio, co-founder and CEO of Impinj.

Impinj expects second-quarter revenue to be in the range of $103 million to $106 million, versus estimates of $96.36 million. The company anticipates second-quarter adjusted earnings of 77 cents to 82 cents per share, versus estimates of 69 cents per share.

PI Shares Move Higher In After-Hours

PI Price Action: Impinj shares were up 23.13% in after-hours, trading at $147.80 at the time of publication on Wednesday, according to Benzinga Pro.

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