ChargePoint Stock Sinks After Q1 Revenues Miss, Weak Q2 Guidance: Details

ChargePoint Holdings, Inc. CHPT released its first-quarter results after Wednesday's closing bell. Here's a look at the details from the report. 

The Details: ChargePoint reported quarterly losses of six cents per share, which met the analyst consensus estimate. Quarterly revenue came in at $97.64 million, which missed the Street estimate of $100.53 million and is a decrease from revenue of $107.04 million from the same period last year.

Networked charging systems revenue for the first quarter was $52.1 million, down 20% from $65.4 million in the prior year’s same quarter. Subscription revenue was $38 million, up 14% from $33.4 million from the same period last year.

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“In Q1, ChargePoint continued to improve key metrics — including subscription margin and overall gross margin — while also announcing partnerships and products that are expected to deliver meaningful growth,” said Rick Wilmer, CEO at ChargePoint. 

Outlook: ChargePoint sees second-quarter revenue in a range of $90 million to $100 million, versus the $108.07 million analyst estimate.

CHPT Price Action: According to data from Benzinga Pro, ChargePoint stock was down 10.12% at 79 cents in Wednesday's extended trading after climbing 13.16% in the regular session.

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