Samsara, a San Francisco-based company, has posted higher revenue in the second quarter and reported its first quarterly adjusted profit. This positive outcome has been driven by companies’ continued investment in Samsara’s internet-of-things platform.
During the three months ended July 29, Samsara reported a loss of $60.0 million, or 11 cents a share, compared to $64.3 million, or 13 cents a share, during the same period last year. However, when removing stock-based compensation, the company achieved adjusted earnings of one cent per share, surpassing analysts’ expectations of a two cent per share loss.
Samsara also experienced a 43% increase in revenue, reaching $219.3 million for the quarter. Analysts were expecting revenue of $207.5 million, making this an impressive outcome for the company.
Notably, this quarter marks a significant milestone for Samsara as it achieved its first adjusted quarterly profit. Chief Executive Sanjit Biswas expressed the company’s initial goal to break even on an adjusted basis by the end of the year and shared his satisfaction in reaching this goal two quarters ahead of schedule.
Unlike other technology vendors, Samsara has avoided intense scrutiny largely because its services are primarily categorized as operational rather than IT by most customers. This differentiation has worked in the company’s favor.
Samsara serves a diverse customer base spanning multiple sectors, including transportation, industrials, retail, and government services. This diversity has provided some resilience against pockets of slower growth in certain areas.
Overall, Samsara’s strong financial performance and achievement of its first adjusted quarterly profit demonstrate the company’s success in the market.