Strong Results and Upbeat Guidance for Samsara

by webmaster

Asset-tracking software provider Samsara reported impressive financial results for the fiscal third quarter ended October 31. The company’s revenue reached $237.5 million, a remarkable 40% increase compared to the previous year. This figure surpassed the company’s own projection range of $223 million to $225 million and even exceeded the consensus estimate of $224.7 million.

Samsara also outperformed expectations in terms of profitability. Adjusted profits amounted to four cents per share, surpassing the company’s forecast of breakeven to one cent per share. According to FactSet, the consensus estimate was one cent per share. However, under generally accepted accounting principles, Samsara incurred a loss of eight cents per share. Notably, the company’s non-GAAP operating margin improved to 5% compared to a negative 10% in the same period last year.

Looking ahead to the January quarter, Samsara expects its upward trend to continue. The company forecasts revenue in the range of $257 million to $259 million, representing a substantial growth rate of 38% to 39%. This projection exceeds the consensus estimate of $250.4 million. Furthermore, Samsara anticipates adjusted profits per share for the quarter to be in the range of two cents to three cents, matching and slightly surpassing the consensus estimate of two cents per share.

Samsara’s positive outlook extends beyond the short term. The company now projects revenue for the fiscal year of January 2024 to be in the range of $918 million to $920 million—higher than its previous forecast of $896 million to $900 million. Additionally, Samsara expects its profits per share for the year to be in the range of five cents to six cents, marking an improvement from the previous range of breakeven to two cents.

These impressive results and optimistic outlook solidify Samsara’s position as a leading asset-tracking software provider.

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Samsara Achieves Milestone Quarter, Exceeds $1 Billion in Annualized Revenue

Samsara, a leading provider in transportation tracking and monitoring, is celebrating a significant achievement this quarter. CEO Sanjit Biswas proudly announced that the company has surpassed a remarkable milestone, reaching over $1 billion in annualized run-rate revenue for the first time in its history.

In addition to this impressive feat, Biswas highlighted the positive momentum gained with larger accounts. Samsara experienced a notable 49% increase in customers generating more than $100,000 in annual contract value.

While Samsara’s origins lie in the realm of trucking fleets, tracking, and monitoring, the company has expanded its reach to cater to construction companies, utilities, and local governments. This expansion allows for seamless monitoring of vehicles and equipment, offering convenience and efficiency to various sectors.

In discussing the quarter’s performance, Biswas emphasized that Samsara observed minimal impact from macroeconomic issues or IT budget constraints. Notably, Samsara’s customer base primarily comprises operational staff rather than IT buyers.

Looking ahead to the future, Biswas refrained from commenting on the specific outlook for fiscal 2025. However, he expressed confidence in the company’s current state and affirmed their focus on achieving efficient and sustainable growth.

Samsara’s success is evident in its stock performance, which has skyrocketed by 121% year to date.

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