Why ChargePoint Shares Dropped Friday
Electric vehicle (EV) charging network company ChargePoint Holdings (NYSE: CHPT) gave investors a mixed fiscal 2023 second-quarter earnings report earlier this week. After initially charging more than 16% higher after that report, the stock is down 4.6% today as of 2:45 p.m. ET. It has now given back virtually all of the post-earnings gains.
There hasn't been any negative news subsequent to the release. In fact, a small bit of news that came out yesterday would seemingly be positive for the company. The quarterly report had some positive news itself. ChargePoint exceeded the high end of its prior guidance for revenue. The company had told investors to expect revenue of between $96 million and $106 million for the period, and it achieved $108.3 million in sales. But while that represented a 93% jump compared to the prior-year period, ChargePoint's losses grew compared to the previous year. Its net loss of $92.7 million was nearly $8 million more than it lost in its year-ago period.
Source Fool.com
