Why ChargePoint Stock Surged 7% This Morning
ChargePoint Holdings (NYSE: CHPT) stock leapt 7.8% higher through 9:55 a.m. ET Thursday morning after reporting mixed Q3 earnings last night.
Heading into the report, analysts forecast ChargePoint would lose $0.09 per share on sales of just under $90 million. In fact, ChargePoint beat the sales forecast, reporting $100 million in revenue. However, its loss was twice as big as expected at $0.18 per share.
Sales declined 10% year over year, with revenue from electric-car charging, in particular, taking a big hit -- down 29% year over year. Subscription revenue, by contrast, rose 19%. To mitigate the sales slowdown, ChargePoint cut operating expenses 30%, with the result that the bottom-line net losses were roughly halved year over year.
Source Fool.com
