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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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