|Unfortunately, PI was priced for perfection:|
Tracking-Chip Maker Impinj Falls On Weak Outlook
Tracking-chip maker Impinj ( PI) late Thursday posted better-than-expected second-quarter sales and earnings, but it disappointed with its outlook, which includes a surprise loss for the current quarter, and shares plummeted in after-hours trading.
Impinj reported adjusted earnings per share of 6 cents on sales of $34.1 million in the second quarter, compared with 6 cents and $26 million in the same period last year. Analysts were expecting 2 cents and $33.5 million in the June quarter.
For the September quarter, Impinj expects to lose 5 cents a share on sales of $32.5 million, based on the midpoint of its guidance. Wall Street was forecasting a profit of 8 cents a share on sales of $37.8 million.
Impinj stock tumbled 23% in after-hours trading on the stock market today. During the regular session Thursday, Impinj fell 2.3% to 47.92.
Seattle-based Impinj makes radio-frequency identification chips for tags, as well as scanners and systems for tracking inventory and other assets. Key markets for its systems include retail stores, warehouses, hospitals and airports.