By Will Feuer
Samsara posted higher second-quarter revenue and reported its first quarterly adjusted profit as companies continue to spend on Samsara’s internet-of-things platform.
The San Francisco-based company reported a second-quarter loss of $60.0 million, or 11 cents a share, for the three months ended July 29, compared with $64.3 million, or 13 cents a share, in the same period last year.
Stripping out stock-based compensation, adjusted earnings came to a penny a share. Analysts surveyed by FactSet expected an adjusted loss of 2 cents a share.
Revenue rose 43%, to $219.3 million. Analysts surveyed by FactSet were expecting revenue of $207.5 million.
The quarter marks the company’s first adjusted quarterly profit, a milestone for Samsara, Chief Executive Sanjit Biswas said. He said the company had hoped to be breakeven on an adjusted basis by the end of the year, and got there two quarters ahead of schedule.
The company has avoided the kind of scrutiny that other technology vendors have received over the past year, in part because most customers categorize Samsara’s offerings as operational rather than as IT, Biswas said.
Samsara’s customer base spans various sectors, from transportation and industrials to retail, government services and more, making spending somewhat resilient against pockets of slower growth, Biswas said.
Write to Will Feuer at [email protected]
Read the full article here
