Samsara Tops Q2 Earnings Estimates On Strong ARR, Raises FY24 Outlook - Samsara (NYSE:IOT)

Samsara Inc (NYSE:IOT) reported Q2 FY24 revenue growth of 43% Y/Y to $219.3 million, beating the consensus of $207.49 million.

ARR of $930.0 million represented 40% Y/Y growth.

Samsara ended Q2 with 1,515 customers with ARR over $100,000, up 53% Y/Y.

Non-GAAP gross margin expanded 2ppt y/y to 75%. Non-GAAP operating margin loss improved to (3)% from (13)% a year ago.

Non-GAAP EPS of $0.01 beat the consensus loss of $(0.02).

Samsara reported an adjusted free cash flow of $4.7 million.

As of July 29, 2023, cash and cash equivalents stood at $196.0 million.

Outlook: Samsara sees Q3 revenue of $223 million – $225 million (vs. consensus $220.38 million) and non-GAAP EPS of $0.00 – $0.01 (vs. consensus $0.00).

Samsara raised the FY24 revenue outlook to $896 million-$900 million from $866 million – $874 million (vs. consensus $872.82 million) and non-GAAP EPS to $0.00-$0.02 from a loss of $(0.02) – $0.00 (vs. consensus loss $(0.02)).

Also Read: AI-powered IoT Automation Is Driving Samsara To New Highs

Price Action: IOT shares closed higher by 2.20% at $27.36 on Thursday.

IOTSamsara Inc

$38.10-%

Overview

Market News and Data brought to you by Benzinga APIs

To add Benzinga News as your preferred source on Google, click here.