|Impinj stock tumbles in RFID tag-maker’s first earnings miss as a public company|
on November 1, 2017 at 4:18 pm
Impinj’s Seattle office. (Impinj Photo)
Impinj stock is down more than 21 percent after the Seattle maker of radio frequency identification technology whiffed on earnings expectations for the first time as a public company.
Impinj reported non-GAAP net losses of $1.6 million, or 8 cents per share on $32.6 million in revenue. Analysts surveyed in advance by Yahoo Finance expected losses of 3 cents per share on $32.58 million in revenue.
Last quarter the company dropped its guidance for how many items will be tagged using its tracking chips in 2017 from 7.8 to 8 billion down to 7 to 7.2 billion items. The estimated range remains the same this quarter, but Impinj CEO Chris Diorio said in a statement that the company expects volume to decline a bit toward the end of the year.
“We remain confident in our market opportunity and will continue investing in and delivering solutions and enterprise partnerships that leverage our platform, accelerate adoption and drive scale in this gigantic market opportunity,” Diorio said in a statement.
The company’s stock has fallen significantly since it reached an all-time high of nearly $59 back in June. But even with today’s tumble, Impinj shares are up approximately 32 percent since the company went public last year.