Why Investors Are Pulling The Plug On ChargePoint Stock After Hours

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ChargePoint Holdings Inc CHPT shares are trading lower in Thursday's after-hours session after the company reported worse-than-expected financial results.

What Happened: ChargePoint said third-quarter revenue increased 93% year-over-year to $125.34 million, which missed average analyst estimates of $132.12 million, according to Benzinga Pro.

The EV charging company reported a quarterly net loss of 25 cents per share, which missed average analyst estimates for a loss of 19 cents per share. 

"Our networked, asset-light business model continues to enable our growth as we strive to deliver improved margins and operating leverage," said Pasquale Romano, president and CEO of ChargePoint.

ChargePoint expects fourth-quarter revenue to be between $160 million and $170 million versus average analyst estimates of $160.91 million. 

ChargePoint designs, develops and markets EV charging system infrastructure and cloud-based services that enable consumers to locate, reserve and authenticate EV charging. 

CHPT Price Action: At time of publication, ChargePoint shares were down 3.1% in after hours at $11.85. 

Photo: Tony Webster from Flickr.

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