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Impinj stock soared more than 34% after beating analyst expectations in its Q2 earnings report.
Revenue and earnings both topped guidance, even though year-over-year sales declined.
Impinj's technology is finding new uses, fueling optimism about future growth.
Shares of Impinj (NASDAQ: PI) skyrocketed on Thursday, peaking at a 34.5% gain just after 1 p.m. ET. The maker of chips and systems for RAIN RFID item-tracking systems posted second-quarter results on Wednesday evening, stumping analysts on both the top and bottom lines.
The report wasn't perfect. Revenues fell 4.5% year over year to $97.9 million, and adjusted earnings dropped from $0.83 to $0.80 per diluted share. However, your average analyst would have settled for earnings near $0.71 per share on revenues in the neighborhood of $93.8 million. The reported results also exceeded the top end of management's guidance ranges across the board.
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Image source: Getty Images.
Impinj saw strong demand for every product category, from signal readers and data management gateways to RFID endpoint tags. Clients are finding new use cases for Impinj's item-tracking solutions, and the recently released next-generation readers and endpoints are inspiring stronger demand for each other. That's a classic synergy between two groundbreaking products that work especially well together.
Looking ahead, Impinj's management expects continued revenue growth in the third quarter, though bottom-line targets were modest due to the unpredictable economy. Impinj has a history of setting low targets and then beating them easily, and this is probably another example of that underpromising approach.
After Thursday's jump, Impinj's stock stands 158% above the 52-week lows it reached in April. It's also priced 34% below October's all-time highs. The stock isn't cheap, and the business growth has been choppy recently, so I'm not exactly a buyer at this point. Still, Impinj's item-tracking technology looks more useful every year, and I'm keeping a close eye on this company. I might pounce on this volatile stock in the next price dip.
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Anders Bylund has no position in any of the stocks mentioned. The Motley Fool recommends Impinj. The Motley Fool has a disclosure policy.
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