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ChargePoint posts wider quarterly loss, but sales up more than 90%

12/1/22 5:01 PM ET (MarketWatch)Print

ChargePoint Holdings Inc. shares dropped nearly 2% in the extended session Thursday after the electric-vehicle charging company missed Wall Street expectations for its fiscal third quarter. ChargePoint lost $84.5 million, or 25 cents a share, in the quarter, compared with $69.4 million, or 21 cents a share, in the year-ago quarter. Revenue rose 93% to $125.3 million. FactSet consensus called for a loss of 20 cents a share on sales of $132.3 million. The company guided for fiscal fourth-quarter revenue between $160 million and $170 million, which at the midpoint would represent an increase of 108% year-on-year. For full fiscal 2023, ChargePoint guided for revenue between $475 million and $485 million. The FactSet analysts expect fourth-quarter revenue of $161 million and full-year revenue of $483 million. ChargePoint continues to "scale the business to meet strong demand for our solutions across North America and Europe," Chief Executive Pasquale Romano said in a statement. Shares of ChargePoint ended the regular trading day down 1.9%.

-Claudia Assis

(END) Dow Jones Newswires