Impinj (NASDAQ:PI) stock is falling on Thursday after the radio-frequency chipmaker released its earnings report for Q1 2023.
The bad news for PI stock starts with the company’s adjusted earnings per share of 30 cents. That’s below Wall Street’s estimate of 33 cents per share for the quarter. However, it is up from the 9 cents period in the first quarter of 2022.
On the flip side of that, Impinj did report revenue of $85.9 million during the quarter. That’s better than the $83.59 million that analysts were expecting this time around. It’s also a jump from the $53.14 million reported during the same time last year.
Q2 Outlook Drags PI Stock Down
Unfortunately, things aren’t looking the best for Impinj in Q2. The company is expecting adjusted EPS to range from 28 cents to 33 cents. That would see it missing Wall Street’s estimate of 41 cents per share for the quarter.
Also not helping matters is Impinj’s Q2 revenue guidance of $84 million to $87 million. Yet again, that’s set to come in below analysts’ revenue estimate of $88.29 million for the period.
Investor morale is down today following the latest earnings report and guidance from Impinj. This has shares of PI stock dropping 30.2% as of Thursday morning. That erases the gains the company has seen since the start of the year.
There’s even more stock market news traders will want to know about below!
Luckily, we’ve got all of that ready to go in one place for investors! Our coverage today includes why shares of Baudax Bio (NASDAQ:BXRX), Atomera (NASDAQ:ATOM), and Evelo Biosciences (NASDAQ:EVLO) stock are moving today. You can catch up on all of this news at the following links!
More Thursday Stock Market News
- Why Is Baudax Bio (BXRX) Stock Down 52% Today?
- Why Is Atomera (ATOM) Stock Up 34% Today?
- Why Is Evelo Biosciences (EVLO) Stock Up 78% Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
