Impinj Inc. (NASDAQ:PI) stock skyrocketed this morning after the company reported fourth-quarter results that beat analysts' consensus earnings and revenue estimates.
The tech stock spiked by as much as 23.8% this morning and was up by 18.6% as of 11:14 a.m. EST.
Impinj's non-GAAP diluted loss per share of $0.15 easily beat Wall Street's estimate of a loss of $0.20 per share. The company's $36.4 million in total sales also outpaced analysts' consensus of $34.9 million.
Impinj had already released preliminary fourth-quarter results last month, which were ahead of the company's previous guidance, but investors continued their optimism for the stock today after the official figures were released.
Impinj's co-founder and CEO, Chris Diorio, said in a press release that the company's fourth-quarter results "capped a strong close to a turbulent year," and added, "Despite the Covid-19 headwinds, Impinj exited 2020 having invested in our opportunity, introducing two new product families, achieving significant end-user success milestones and solidifying our structural advantage."
The company's management issued guidance for the first quarter of 2021, with revenue estimated to be in the range of $41 million to $43 million and a non-GAAP diluted loss per share of $0.08. Investors appeared happy with both the company's quarterly results and its guidance for the upcoming quarter. With today's share price gains, Impinj's stock is up 134% over the past 12 months.