What happened
Shares of Samsara (IOT -3.42%), an Internet-of-Things (IoT) operations company, were skyrocketing today after the company easily beat analysts' top- and bottom-line consensus estimates in the fiscal third quarter, ended Oct. 29.
The company's management also raised its earnings guidance for the full year, pushing investors' optimism even further.
Samsara's stock had spiked by 22% as of 11:18 a.m. ET.
So what
Samsara's revenue increased 49% from the year-ago quarter to $169.8 million and surpassed Wall Street's average estimate of $155.3 million.
Investors were also happy to see that the company's bottom-line results outpaced expectations. Samsara's non-GAAP (adjusted) loss of $0.02 per share was a huge improvement from a loss of $0.12 in the year-ago quarter and ahead of analysts' consensus estimate of a loss of $0.06 per share.
In a statement, Samsara CEO Sanjit Biswas said his company "delivered another quarter of durable and efficient growth at scale" including annual recurring revenue of $724 million, up 47% year over year.
Now what
In addition to the company's strong performance in the quarter, Samsara's management also raised its full-year earnings and revenue guidance.
The company now expects sales to be in the range of $636 million to $638 million, which is far ahead of Wall Street's consensus estimate of $612.8 million.
Additionally, the company raised its earnings outlook to a loss of $0.17 to $0.16 -- up from its previous range of a loss of $0.23 to $0.21 -- which is better than analysts' average estimate of a loss of $0.21 per share.
With the IoT company reporting solid third-quarter results and raising its full-year guidance it's no surprise investors were pushing the company's share price higher today.
