Why Allego Stock Was on Fire This Week
Investors eagerly plugged into Allego (NYSE: ALLG) stock this week. According to data compiled by S&P Global Market Intelligence, the electric vehicle (EV) charging equipment specialist's share price was up by nearly 10% week to date as of early Friday morning. The market was clearly impressed by the company's latest set of quarterly results.
For its final quarter of fiscal 2022, Netherlands-based Allego's revenue came in at just under 61 million euros ($66 million), which was a nearly 11% improvement over the same period of fiscal 2021. The company also managed to narrow its net loss considerably -- this landed at 40 million euros ($43 million), a far sight better than the almost 96 million ($104 million) of the year-ago quarter.
Allego's top line consists of charging and services revenue. The former grew nearly threefold to a shade under 27 million euros ($29 million); the company attributed this to a wider charger network, higher utilization, and price raises. In contrast, services revenue declined considerably, dropping by 28% year over year to nearly 34 million euros ($37 million).
Source Fool.com
