ChargePoint Investors Are Pulling The Plug After The Close: What Happened?

ChargePoint Holdings Inc CHPT shares are trading lower in Wednesday's after-hours session on the heels of the company's second-quarter results. 

What Happened: Chargepoint said second-quarter revenue increased 39% year-over-year to $150.5 million, which missed the consensus estimate of $153.24 million, according to Benzinga Pro. The company reported a quarterly loss of 35 cents per share, which may not compare to estimates.

Network charging systems revenue climbed 36% in the quarter to $114.6 million. Subscription revenue increased 48% to $30 million. ChargePoint said it ended the quarter with $263.9 million in cash. 

The company also announced a reorganization of its operations, which includes a 10% workforce reduction, expected to result in annual operating expense savings of $30 million.

"We took an inventory impairment charge to address a significant supply-chain related issue, and we announced an estimated $30 million in annualized operating expense savings from reorganizing the business for agility, efficiency and scale. We remain committed to delivering on our goal of generating positive non-GAAP adjusted EBITDA by the end of calendar 2024," said Pasquale Romano, president and CEO of ChargePoint.

ChargePoint sees third-quarter revenue of $150 million to $165 million. Full-year revenue is expected to be between $605 million and $630 million.

See Also: The Dark Side Of Tesla's Largest Supercharger: Is A Diesel Generator Still Powering It?

CHPT Price Action: ChargePoint shares were down 11.19% after hours at $6.27 at the time of publication, according to Benzinga Pro.

Photo: Noya Fields from Flickr.