ChargePoint Holdings Inc CHPT shares are trading higher by 5% to $2.12 Monday morning, rebounding following Friday's weakness, 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?
In the third quarter of fiscal year 2024, ChargePoint shared early financials showing lower-than-expected revenue due to various factors like market pressures, delivery delays, and economic conditions affecting their main markets in North America and Europe. They anticipate revenue between $108 million to $113 million, notably below their initial forecast of $150 million to $165 million.
The new CEO, Rick Wilmer, also outlined plans to improve operations by adjusting inventory and strengthening the business.
Preliminary figures indicate a decline in revenue, non-cash impairment charges impacting gross margins, and adjustments in operating expenses.
Per the company, ChargePoint's cash position and credit facilities seem steady. However, these initial results might change as the quarter-end financial procedures conclude, potentially resulting in significant alterations to the reported numbers.
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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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