12:01 PM EDT, 06/07/2024 (MT Newswires) -- (Updates with the latest stock move in the last paragraph.)

Samsara (IOT) reported a fiscal Q1 non-GAAP net income late Thursday of $0.03 per share, swinging from a loss of $0.02 a year earlier.

Analysts polled by Capital IQ expected normalized earnings of $0.01.

Revenue for the quarter ended May 4 was $280.7 million, up from $204.3 million a year earlier.

Analysts surveyed by Capital IQ expected $272.4 million.

The company expects a fiscal Q2 non-GAAP EPS of between $0.00 and $0.01 and revenue of between $228 million and $290 million. Analysts polled by Capital IQ expect EPS of $0.01 and revenue of $287.2 million.

The company expects a fiscal 2025 non-GAAP EPS of $0.13 to $0.15 and revenue of between $1.205 billion and $1.213 billion. Analysts expect $0.12 and revenue of $1.20 billion.

Meanwhile, Truist Securities said the results represented a "solid" start to the financial year but still lowered the company's price target, citing valuation.

"Overall, we are impressed by the strong performance which reaffirms our belief in the long-term setup for durable growth and margin expansion," Truist Securities analysts, including Junaid Siddiqui, said in a note late Thursday.

However, the analysts said that at current valuations, they "cannot justify putting new money to work at current prices."

Truist Securities reiterated the hold rating on the company's stock but adjusted its price target to $35 from $38.

Shares of Samsara were down about 12% in recent Friday trading.

Price: 30.53, Change: -4.33, Percent Change: -12.42