After-Hours Alert: Why ChargePoint Stock Is Crashing

ChargePoint Holdings Inc CHPT shares are trading lower in Thursday's after-hours session after the company reported worse-than-expected financial results and issued guidance below analyst estimates. 

What Happened: ChargePoint said fourth-quarter revenue increased 93% year-over-year to $152.8 million, which missed average analyst estimates of $165.41 million, according to Benzinga Pro. The company reported a quarterly loss of 23 cents per share, which missed consensus estimates for a loss of 17 cents per share.

Gross margins came in at 22%. ChargePoint said it had $399.5 million in cash and short-term investments as of Jan. 31.

"ChargePoint delivered its largest sequential revenue growth to date and another record quarter, although below our guidance range as supply challenges for our DC solutions and quarter end shipment challenges at this growth rate persisted," said Pasquale Romano, president and CEO of ChargePoint.

ChargePoint expects first-quarter revenue to be in the range of $122 million to $132 million versus estimates of $152.5 million. The company's outlook represents growth of 56% at the midpoint.

ChargePoint will host a conference call to discuss these results at 4:30 p.m. ET.

CHPT Price Action: ChargePoint has a 52-week high of $20.99 and a 52-week low of $8.07.

The stock was down 17.5% after hours at $9.30 at the time of writing, according to Benzinga Pro.

Photo: courtesy of ChargePoint.