Why Samsara (IOT) Shares Are Trading Higher Today - Samsara (NYSE:IOT)

Samsara Inc IOT reported Q1 FY24 revenue growth of 43% Y/Y to $204.3 million, beating the consensus of $191.9 million.
Samsara's ARR of $856.2 million represented 41% Y/Y growth.
Samsara ended Q1 with 1,375 customers with ARR over $100,000, up 53% Y/Y.
Non-GAAP gross margin remained flat y/y at 73%.
Non-GAAP operating margin loss improved to (9)% from (18)% a year ago.
Non-GAAP EPS loss of $(0.02) beat the consensus loss of $(0.05).
Samsara reported an adjusted free cash outflow of $(2.2) million.
Cash and equivalents stood at $838 million at the end of the quarter.
Outlook: Samsara sees Q2 revenue of $206 million – $208 million (vs. consensus $201.16 million) and non-GAAP EPS loss of $(0.03) – $(0.02) (vs. consensus loss $(0.03)).
Samsara raised FY24 revenue outlook to $866 million – $874 million, up from the prior $838 million – $848 million (vs. consensus $846.3 million) and non-GAAP EPS loss to $(0.02) – $0.00, up from prior $(0.05) - $(0.07) (vs. consensus loss $(0.07)).
Price Action: IOT shares traded higher by 15.5% at $21.96 in the premarket on Friday.

Why Samsara Shares Are Trading Higher Today