Why Investors Are Pulling The Plug On ChargePoint Stock After Hours

Why Investors Are Pulling The Plug On ChargePoint Stock After Hours

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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