Impinj’s shares jumped more than 11% on Wednesday after the Internet of Things (IoT) pioneer said it performed better than expected in the fourth quarter of 2023.
The company, a provider of RAIN RFID wireless technology, said revenue for the three months to December 31, 2023, is likely to exceed $70 million, above its prior guidance of $65.5 million to $68.5 million. Adjusted underlying earnings (EBITDA) are likely to exceed $2.5 million, above its prior guidance of negative $0.9 million and positive $0.7 million.
Impinj is scheduled to release its results after the markets close on February 8, 2024.
Its shares closed 11.4% higher at $91.07.