This story has been updated to include more details on stock price.
Impinj has exceeded Wall Street expectations in each of its four quarters as a public company, after posting another strong quarter to start 2017.
The Seattle-based maker of radio frequency identification tags posted non-GAAP earnings of one cent per share on $31.7 million in revenue, an increase of 47 percent over this time last year.
Analysts surveyed in advance by Yahoo Finance expected Impinj to post losses of a penny per share on $30.7 in revenue.
“We delivered a solid first quarter, with revenue growing 47% over last year driven by the team’s strong execution and continued market adoption of our platform,” said Chris Diorio, Impinj co-founder and CEO. “We are pleased with the steady progress toward our vision of digital life for everyday items, and we will continue investing in this massive market opportunity to further enhance our leading market position.”
Impinj stock dropped in after-hours trading following the earnings report, but rallied and hit an all time high point of close to $44 per share Friday afternoon.
Impinj was an early player in RFID technology, which uses radio frequencies to track tagged items. The RFID market took longer than the company expected to come to fruition, but the company has been able to capitalize on growing use of the technology in recent years. Its RFID tags and technologies are now used across industries such as healthcare, retail and manufacturing, with Boeing using it to tag parts in aircraft assembly and Macy’s using it to track inventories at retail stores.