Impinj slumps after Q2 profit forecast falls short of expectations

Impinj

27/04/2023 12:53

** Shares of semiconductor co Impinj  PI.O  drop 29% to $103
premarket as co's Q2 profit forecast falls short of estimates
    ** We expect robust full-year growth in endpoint integrated
circuits but see a second-quarter pause - CEO Chris Diorio
    ** Co also misses quarterly profit estimates for the first
time in four years - Refinitiv
    ** Piper Sandler believes current issues impacting the flat
June quarter outlook are transitory in nature and the
brokerage's confidence for growth in Q3 and Q4 is unshaken
    ** At least three brokerages trim PT on stock; median PT at
$135
    ** PI up 24% this year vs a 5.6% gain in S&P 500  .SPX 

 (Reporting by Medha Singh)
 ((medha.singh@thomsonreuters.com))