Impinj beats Q3 expectations, however inventory sinks 6%; income of $28.2M down 30% from final 12 months

Impinj shares dropped greater than 6% in after-hours buying and selling following the Seattle-based firm’s fiscal third quarter earnings report.

The RFID-maker beat Wall Road expectations for income, which got here in at $28.2 million ($24.7 million anticipated) and non-GAAP earnings per share of -$zero.29 (-$zero.32 anticipated). Income dropped 30% year-over-year, however was up barely from the second quarter. Non-GAAP losses grew to $6.6 million, in comparison with a revenue of $1.9 million a 12 months in the past.

“Third-quarter revenue improved sequentially, driven primarily by rebounding retail-apparel volumes that drove endpoint IC sales,” Impinj CEO Chris Diorio mentioned in an announcement. “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 income between $26.5 million and $28.5 million for the fourth quarter, and non-GAAP earnings per share of -$zero.40 to -$zero.34.

Impinj’s expertise is closely utilized by retailers to trace stock. The corporate’s inventory fell sharply in March however has rebounded again to close pre-COVID ranges.