Why ChargePoint Shares Are Falling

ChargePoint Holdings Inc CHPT shares are trading lower by 7.4% at $20.15 after the company reported mixed third-quarter EPS and sales results.

ChargePoint reported quarterly losses of 21 cents per share which missed the analyst consensus estimate of a loss of 13 cents per share. The company reported quarterly sales of $65.00 million which beat the analyst consensus estimate of $64.71 million.

"ChargePoint has delivered another strong quarter, as we have continued to scale our commercial, fleet and residential verticals across two continents," said Pasquale Romano, President and CEO of ChargePoint.

"The investments we have made over many years have enabled us to capture charging demand from customers preparing for an electric future. This quarter we added more customers at an accelerated rate, while also successfully closing two acquisitions," Romano stated.

ChargePoint is an American electric vehicle infrastructure company based in Campbell, California. ChargePoint operates the largest online network of independently owned EV charging stations operating in 14 countries and makes the technology used in it.

ChargePoint has a 52-week high of $49.48 and a 52-week low of $17.60.