Why ChargePoint Stock Is Sliding After Hours

ChargePoint Holdings Inc CHPT shares are trading lower in Tuesday's after-hours session after the company reported mixed financial results.

ChargePoint said fiscal first-quarter revenue increased 102% year-over-year to $81.6 million, which beat the estimate of $75.72 million, according to data from Benzinga Pro. The EV charging company reported a quarterly loss of 27 cents per share, which missed the estimate for a loss of 19 cents per share.

"Positive first quarter results, despite expected significant headwinds due to global supply constraints, are a testament to the strength of our business," said Pasquale Romano, president and CEO of ChargePoint.

ChargePoint said it expects fiscal second-quarter revenue to be between $96 million and $106 million versus the estimate of $105.59 million. The company maintained its full-year revenue guidance of $450 million to $500 million.

ChargePoint offers one of the largest EV charging networks and a comprehensive portfolio of charging solutions.

CHPT Price Action: ChargePoint has traded between $8.50 and $36.86 over a 52-week period.

The stock was down 3.83% in after hours at $12.30 at press time.

Photo: Tony Webster from Flickr.