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ChargePoint has grown sales faster than it expected.
Bing Guan/Bloomberg
The EV-charging company C
hargePoint
delivered second-quarter earnings that were a little worse than expected but the stock rose because sales and management’s forecasts mattered more.
For its fiscal second quarter, ChargePoint (ticker: CHPT) reported a loss of 28 cents a share from sales of $108 million, while Wall Street was looking for a per-share loss of about 25 cents from $103 million in sales. ChargePoint is still a young company, so investors are likely to focus on the strength of sales.
Looking ahead, ChargePoint maintained its forecast that full-year sales will range from $450 million to $500 million. The company expects to generate sales of about $130 million in the third quarter—the same amount analysts are projecting.
Overall, it seems like a fine earnings report. Investors appear to be pleased. The stock is up about 1% in after-hours trading.
“ChargePoint delivered another strong quarter, with continued growth across all verticals and geographies,” said CEO Pasquale Romano in the company’s news release. Sales to residential customers, commercial customer and electric fleet operators all jumped year over year.
“We continue to execute on our strategy, as demand continues to grow for our portfolio of industry-leading charging solutions for every vertical and in both North America and Europe,” added the CEO.
A lot has been going right for the company lately, especially in North America. Coming into Tuesday earnings, ChargePoint stock was up about 15% in the month since Senate Majority Leader Chuck Schumer and West Virginia…
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