Shares of (NASDAQ: PI) skyrocketed on Thursday, peaking at a 34.5% gain just after 1 p.m. ET. The maker of chips and systems for RAIN RFID item-tracking systems posted second-quarter results on Wednesday evening, stumping analysts on both the top and bottom lines.

The report wasn't perfect. Revenues fell 4.5% year over year to $97.9 million, and adjusted earnings dropped from $0.83 to $0.80 per diluted share. However, your average analyst would have settled for earnings near $0.71 per share on revenues in the neighborhood of $93.8 million. The reported results also exceeded the top end of management's guidance ranges across the board.

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Source Fool.com