ChargePoint Holdings Inc CHPT shares are trading lower by 36% to $1.99 Friday morning after the company reported preliminary third-quarter results and announced a new CEO.
The company also received a number of analyst rating updates Friday.
What Happened?
ChargePoint shared preliminary financials for the third quarter of fiscal year 2024. They reported lower-than-expected revenue due to market pressures, delivery delays and macroeconomic conditions affecting their key markets in North America and Europe.
They foresee revenue between $108 million to $113 million, notably less than the earlier projection of $150 million to $165 million.
Rick Wilmer, the new President and CEO, highlighted plans to enhance operational execution, announcing measures to align inventory and optimize business strength.
The preliminary financial figures include a decrease in revenue, non-cash impairment charges affecting gross margins and adjustments in operating expenses. ChargePoint's cash position and credit facilities remain stable.
However, these preliminary results are subject to change pending the completion of their quarter-end financial closing procedures, potentially leading to significant adjustments in the reported figures.
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According to data from Benzinga Pro, CHPT has a 52-week high of $13.65 and a 52-week low of $1.95.
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