Shares of Impinj (PI 9.94%) were falling this morning after the company reported its first-quarter results late yesterday.
The tech stock had fallen 17.4% as of 11:21 a.m. EDT.
Impinj, a manufacturer of radio-frequency identification devices and software, reported first-quarter sales of $45.2 million, ahead of analysts' consensus estimate of $42.6 million for the quarter. The company also surpassed analysts' earnings estimate of a loss of $0.12 per share and instead reported adjusted diluted earnings of $0.01 per share.
CEO Chris Diorio issued a statement saying: "Our first-quarter results were strong, exceeding our revenue and profitability guidance. We delivered a record bookings quarter, strengthened our team, and see strong demand and growth opportunities ahead."
But despite the company's first-quarter revenue and earnings beat, investors pushed the share price down today. They were likely disappointed with the fact that revenue declined by 5% from the year-ago quarter, and adjusted diluted earnings per share fell by 92% compared to first-quarter 2020 results.
Impinj's management provided its outlook for the second quarter, saying that revenue would be in the range of $41.5 million to $43.5 million. That represents a 60% increase from the year-ago quarter at the midpoint of guidance. The company also said that its adjusted loss per share would be $0.05 at the midpoint, which would be a drastic improvement from the second-quarter 2020 loss per share of $0.25.