Shares of Impinj soared more than 20% in after-hours trading Wednesday after the RFID company topped estimates for its Q2 earnings.
- Seattle-based Impinj reported $97.9 million in quarterly revenue, well above expectations, but down slightly from the year-ago quarter. GAAP net income was $11.6 million, up from $9.9 million.
- “We continue managing our business with a steady hand, focused on extending our technology lead, market share, platform adoption and delighting our enterprise customer,” Impinj CEO Chris Diorio said in a statement.
- Impinj stock tumbled in the first half of this year but has doubled since April.
- Founded in 2000, Impinj manufacturers radio-frequency identification devices that are used by companies in various industries to track everything from apparel to medical supplies to food.