Impinj missed analyst expectations for its second quarter earnings report as its inventory dipped greater than 14% on Thursday.
The Seattle-based RFID firm reported a lack of $zero.25 per share and income of $26.5 million. That compares to a revenue of $zero.03 per share on income of $38.2 million within the year-ago quarter.
“Covid-19 negatively impacted our second-quarter results, and the continuing uncertainty tempers our third-quarter outlook,” Chris Diorio, Impinj co-founder and CEO, stated in a press release.
However Diorio expressed long-term optimism for the 20-year-old firm, whose expertise is closely utilized by retailers to trace stock.
“With our strong balance sheet and staying power we will not only weather the impacts of COVID-19, but we will invest in these opportunities and exit the other side of COVID-19 stronger,” he stated on an earnings name. “Looking to the long-term, we believe COVID-19 will accelerate our vision of connecting and giving digital life to everything.”
Impinj inventory fell sharply in March however had rebounded again to close pre-COVID ranges earlier than Thursday’s drop.