Shares of Impinj (NASDAQ: PI) jumped as much as 51.6% higher on Thursday morning, following the release of belated but strong second-quarter results. By 2 p.m. EDT, the radio-frequency identification (RFID) specialist's stock had cooled down to a more modest 16% gain.
Your average analyst had been looking for a net loss of roughly $0.32 per share on sales in the neighborhood of $36.1 million. Instead, Impinj delivered a smaller $0.19 loss per share on top-line revenue of $28.5 million.
The revenue reading was in line with the preliminary results that Impinj published in early August. That prelim report did not include any bottom-line figures, though.
The company has completed its internal investigation of a former employee's complaints, concluding that the disgruntled ex-worker didn't have a leg to stand on. Impinj is not adjusting its business in any way, dismissing the entire issue instead. No adjustments were made to past financial statements, and it will be business as usual now that this delayed report is in the books.
Looking ahead to the third quarter, Impinj's management sees revenue returning to modest growth after three quarters of negative year-over-year comparisons. It's no surprise to see investors embracing this report with a huge sigh of relief. Impinj shares are now trading 160% above their 52-week lows and 40% below their yearly highs.
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