Samsara on Thursday reported third quarter earnings and revenue that topped Wall Street targets while the company's revenue guidance came in above expectations. On the stock market today, IOT stock jumped 11.8% to 30.80 in extended trading.
The company released the Samsara earnings report after the market close. IOT closed down 2.1% Thursday.
For the quarter ended Oct. 31, San Francisco-based Samsara reported profit of 4 cents per share on an adjusted basis vs. a 2-cent loss a year earlier. Meanwhile, revenue rose 40% to $237.5 million, the company said.
Analysts expected Samsara to record a 1-cent profit on sales of $224.7 million. Annual recurring revenue from subscriptions rose 39% to $1 billion, topping estimates of $986.4 million.
IOT Stock: Revenue Outlook Tops Views
"We achieved an important milestone this quarter as we surpassed $1 billion in ARR in just our eighth year of selling," Chief Executive Sanjit Biswas said in a statement.
For the current quarter, Samsara said it expects revenue of $258 million at the midpoint of its outlook. IOT stock analysts had projected revenue of $250.4 million.
Heading into the Samsara earnings report, the company owned a Relative Strength Rating of 98 out of a best-possible 99, according to IBD Stock Checkup. Also, IOT stock has forged a cup base.
Founded in 2015, Samsara provides sensors and cloud-based software to manage vehicle fleets and industrial operations. Further, its Internet of Things platform provides GPS tracking for trucks, and monitors routes and vehicle performance.
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