News

Impinj Sees Strong Q4 Results, Shares Rise

1 Mins read

Internet of Things Firm, Impinj, Exceeds Q4 Revenue Forecasts

Shares of Impinj, a leading Internet of Things (IoT) company, soared on Wednesday following the announcement that its fourth-quarter financial results are expected to surpass previous estimates.

Impinj now forecasts revenue of over $70 million for the quarter, surpassing its initial target range of $65.5 million to $68.5 million. Furthermore, the company expects adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) to exceed $2.5 million, a significant improvement from its previous forecast range of a loss ranging from $900,000 to a profit of $700,000.

FactSet’s consensus estimates projected sales of $67.5 million, a non-GAAP profit of one cent per share, and adjusted EBITDA of $800,000.

The company unveiled this information in preparation for its presentation at the Needham Securities Conference on Wednesday morning.

Impinj Gains Favor as a Top Small-Cap Idea

Impinj receives accolades from Satori Fund portfolio manager Dan Niles in his Tech Trader column focusing on small-cap ideas for 2024. Niles acknowledges Impinj’s resilience during the pandemic, which caused setbacks due to supply-chain issues and a slowdown in retail sales, particularly in the apparel sector. Consequently, inventories of Impinj’s RFID tags used for tracking goods ballooned. However, Niles highlights that Impinj is now benefiting from declining component costs and expanding its market presence across various retail categories.

Impinj shares responded positively to this promising news, rallying by 8.6% to reach $88.82 on Wednesday.

Eric J. Savitz contributed to this report.

Related posts
News

AI Revolutionizing Smartphones

2 Mins read
Artificial intelligence is poised to revolutionize smartphones, and this major theme will be front and center at the upcoming Mobile World Congress…
News

Domtar Paper Operations Idling

1 Mins read
Domtar, a leading producer of uncoated freesheet paper, has made the decision to indefinitely idle paper operations at its Ashdown mill located…
News

Indie Semiconductor's Share Fall

1 Mins read
Indie Semiconductor’s shares took a hit following disappointing fourth-quarter sales and first-quarter revenue projections that fell short of analyst forecasts. Decline in…

Leave a Reply

Your email address will not be published. Required fields are marked *