Impinj, a Seattle-based manufacturer specializing in radio-frequency identification devices and software, experienced an impressive surge in stock prices following the release of their third-quarter results. The company reported adjusted earnings per share of 0 cents, surpassing their own guidance of a loss of 6 to 12 cents. Additionally, they boasted a revenue of $65 million, higher than their projected range of $63 to $66 million.
Positive Indicators for Impinj
Impinj’s stock climbed by 28% to $63.66 during late morning trading on Thursday. This notable increase was accompanied by a trading volume that was more than three times the 52-week average. While the shares have experienced a 42% decline this year, they have shown promise with a 16% increase in the past month.
Optimism for Retail and Future Growth
Co-founder and CEO Chris Diorio expressed optimism for Impinj’s future, highlighting early signs of retail demand improvement and strong ongoing endpoint IC unit-volume growth. Despite the impact of macroeconomic pressures on their fourth-quarter outlook, Diorio believes that the company’s long-term opportunity remains intact.
Written by Adam L. Cataldo