Shares of Samsara, Inc. (IOT) plunged 8.4% during Friday's pre-market trading session, following the company's mixed fiscal third-quarter earnings report late Thursday. Despite beating earnings and revenue expectations, Samsara's weaker-than-expected revenue guidance for the current quarter raised concerns among investors.
For the third quarter, Samsara reported non-GAAP earnings per share of $0.07, up from $0.04 a year ago and above analysts' estimates of $0.04. Revenue grew 36% year-over-year to $322 million, also exceeding Wall Street's expectations of $310.6 million.
However, the company's guidance for the fourth quarter fell short of analysts' projections. Samsara forecast revenue between $334 million and $336 million, slightly below the consensus estimate of $335.8 million, sparking a sell-off in the stock.
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