Shares of the electronic components company Impinj Inc. (NASDAQ:PI) took a jump on Tuesday after the announcement of its first quarter financial results for 2018.
The Seattle-based company reported first-quarter revenue to be $25.1 million with $14.4 million in GAAP net loss.
This is a loss of nearly $2 million compared to the previous quarter’s revenue of $26.9 million.
Revenue for the quarter fell short of the outlook the company had predicted, which was estimated to reach between $23.25 million to $25.25 million.
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The GAAP net loss also increased in comparison to that of the fourth quarter of 2017, from $9.3 million to $14.4 million.
Although there was an increase in GAAP net loss, the company had already estimated that it would be between $14.0 million to $15.5 million.
Impinj Inc. co-founder and CEO, Chris Diorio, believes that the company is “on track to make the first half of 2018 the turning point for [their] business.”
The company predicts that revenue for the second quarter should reach anywhere between $25.0 million to $27.0 million, while GAAP net loss is expected to lower, reaching between $10.6 million to $12.1 million.
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Although the company did not post spectacular results for the first quarter, share value of the company has risen almost 30%.
As of 1:30 pm EDT, Impinj shares had risen to a value just under $17.50 and had already reached a high of $18.13 and a low of $16.20.
This is the highest share value that the company has seen since the first day of February 2018.
Comparatively, the company closed on Monday with a share value of $13.58 with a high of only $13.85.
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