Impinj, the internet-of-things company, has announced that its fourth-quarter sales have exceeded its initial forecasts. As a result, the company’s stock saw a 10% increase to $90 in after-hours trading. Despite this positive news, the shares have experienced a slump of nearly 34% over the past year leading up to Tuesday’s close.
Surpassing Revenue Expectations
Impinj reported preliminary fourth-quarter revenue of more than $70 million, surpassing the company’s prior guidance of $65.5 million to $68.5 million. This stronger-than-expected performance demonstrates the effectiveness of Impinj’s solutions in facilitating digital connections between individual items.
Promising Earnings Outlook
The company also provided an update on its adjusted earnings before interest, taxes, depreciation, and amortization for the quarter. They exceeded expectations with a figure of more than $2.5 million, compared to the previously forecasted range of negative $900,000 to positive $700,000. This demonstrates Impinj’s ability to deliver positive financial results.
Upcoming Conference Appearance
Impinj’s Chief Executive Chris Diorio and Chief Financial Officer Cary Baker are scheduled to appear at a conference hosted by Needham on Wednesday at 10:15 a.m. ET. This event offers an opportunity for the company’s leadership to share insights and discuss Impinj’s recent success.
Impinj’s positive fourth-quarter results indicate that the company is on track towards continued growth and innovation in the internet-of-things industry.