Why Impinj Stock Is Crashing Today
Shares of Impinj (NASDAQ: PI) fell as much as 12.4% on Thursday morning, following a strong third-quarter earnings report with a side of conservative next-quarter bottom-line guidance. By noon EDT, the stock had recovered to a 6.4% drop.
The maker of radio frequency identification (RFID) tags and devices saw third-quarter sales fall 31% year over year to $28.2 million. On the bottom line, Impinj swung from $0.08 of diluted earnings to a non-GAAP net loss of $0.29 per share. Your average Wall Street analyst would have settled for a deeper loss of $0.32 per share on sales near $24.7 million.
The midpoint of Impinj's guidance for the fourth quarter stopped at a net loss of roughly $0.37 per share on revenues near $27.5 million. Here, analysts had been looking for a loss of roughly $0.25 per share on top-line sales in the vicinity of $24.7 million. The negative market reaction today stemmed from this modest earnings guidance.
Source Fool.com
