Samsara jumps on annual forecast raise, Q2 results beat

Samsara (Pre-Reincorporation)

01/09/2023 14:45

(Updates)
    ** Shares of cloud services company Samsara Inc  IOT.N  rise
as much as 5% to one-month high of $28.75
    ** Company raises full-year revenue and profit forecasts
    ** Sees fiscal 2024 total revenue to be between $896 mln and
$900 mln vs its prior forecast of $866 mln to $874 mln
    ** Expects adj. EPS to be between $0.00 and $0.02, compared
with previous expectation of a loss of $0.02 to $0.00
    ** Reports a 43% rise in Q2 revenue to $219.3 mln, topping
analysts' avg. est. of $207.5 mln - Refinitiv
    ** Also posts surprise Q2 adjusted profit per share of 1
cent, compared with expectations for a loss of 2 cents
    ** J.P.Morgan raises price target on the stock to $27 from
$20; RBC Capital Markets lifts PT to $34 from $32 and Wells
Fargo raises to $32 from $31 
    ** Up to Thursday's close, stock has more than doubled so
far this year

 (Reporting by Ananya Mariam Rajesh in Bengaluru)
 ((AnanyaMariam.Rajesh@thomsonreuters.com ; Twitter: https://twitter.com/AnanyaMariam))