Why ChargePoint Dropped After Earnings Friday
Electric vehicle (EV) charging network company ChargePoint (NYSE: CHPT) reported its third-quarter fiscal 2023 results last night, and investors are focusing on some of the more negative points. As a result, ChargePoint shares initially dropped more than 7% early Friday morning. As of 10:50 a.m. ET, the stock remained lower by 6.3%.
The company missed analyst expectations on both the top and bottom lines. It also narrowed its guidance for the fiscal fourth quarter, which was seen as a more positive side of the report. Revenue soared 93% year over year, but analysts expected even more. The $125 million reported was below the FactSet consensus for $132 million in sales, and the reported $0.25 loss was $0.05 more than predicted.
Source Fool.com
