Impinj shares dropped more than 6% in after-hours trading following the Seattle-based company’s fiscal third quarter earnings report.
The RFID-maker beat Wall Street expectations for revenue, which came in at $28.2 million ($24.7 million expected) and non-GAAP earnings per share of -$0.29 (-$0.32 expected). Revenue dropped 30% year-over-year, but was up slightly from the second quarter. Non-GAAP losses grew to $6.6 million, compared to a profit of $1.9 million a year ago.
“Third-quarter revenue improved sequentially, driven primarily by rebounding retail-apparel volumes that drove endpoint IC sales,” Impinj CEO Chris Diorio said in a statement. “With game-changing new products and a platform and vision that sit squarely in the center of our end users’ digital transformation, the opportunity in front of us is more compelling than ever.”
Impinj expects revenue between $26.5 million and $28.5 million for the fourth quarter, and non-GAAP earnings per share of -$0.40 to -$0.34.
Impinj’s technology is heavily used by retailers to track inventory. The company’s stock fell sharply in March but has rebounded back to near pre-COVID levels.
