Shares of RFID company Impinj drop as Q2 losses swell due to impact from COVID-19

Impinj missed analyst expectations for its second quarter earnings report as its stock dipped more than 14% on Thursday.

The Seattle-based RFID company reported a loss of $0.25 per share and revenue of $26.5 million. That compares to a profit of $0.03 per share on revenue of $38.2 million in 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, said in a statement.

But Diorio expressed long-term optimism for the 20-year-old company, whose technology is heavily used by retailers to track inventory.

“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 said on an earnings call. “Looking to the long-term, we believe COVID-19 will accelerate our vision of connecting and giving digital life to everything.”

Impinj stock fell sharply in March but had rebounded back to near pre-COVID levels before Thursday’s drop.

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