ChargePoint guides for lower sales, stock falls more than 8%
By Claudia Assis
Shares of ChargePoint Holdings Inc. fell more than 8% in the aftermarket Thursday after the EV charging-network company reported a quarterly loss around Wall Street expectations, but said it expected lower sales in its current quarter.
ChargePoint (CHPT) lost $79.4 million, or 23 cents a share, in the fiscal 2024 first quarter, compared with a loss of $89.3 million, or 27 cents a share, in the year-ago quarter. The per-share loss met FactSet consensus.
Revenue rose 59% to $130 million, the company said, slightly ahead of FactSet expectations for $128 million in revenue.
The company guided for fiscal second-quarter revenue between $148 million and $158 million, which would, at midpoint, represent an increase of about 41% over the same quarter in fiscal 2023, it said.
Analysts polled by FactSet expect fiscal second-quarter revenue around $166 million.
"As the only charging network to operate across all verticals in North America and Europe, we believe we remain well-positioned to take advantage of the inevitable long-term growth opportunity ahead," Chief Executive Pasquale Romano said in a statement.
Related: U.S. car sales are stronger than a year ago, but rising interest rates could hit demand
Earlier this week, analysts at BofA raised their rating on the company's stock to the equivalent of buy, saying ChargePoint is the "best in class" to invest in the EV charging space.
Don't miss: Ford stock rallies 7% after Tesla Supercharging deal
-Claudia Assis
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06-01-23 1630ET
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