ChargePoint soars as EV charging network increases sales prospects amid stronger residential and commercial demand
- ChargePoint shares surged Thursday after the vehicle charging network increased its view of annual sales.
- It now forecasts sales of $ 225 million to $ 235 million for fiscal 2022, up from its previous outlook of $ 195 million to $ 205 million.
- Second-quarter revenue of $ 56.1 million was higher than expected, but its loss of $ 0.29 missed estimates.
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Shares of ChargePoint surged Thursday after the vehicle charging network raised its annual sales outlook and second-quarter revenue exceeded expectations, offsetting a quarterly shortfall.
Shares jumped 16.8% to $ 24.79 in pre-market trading, but slashed gains shortly after the opening bell. The stock was up about 6%, trading at $ 22.52 at 9:40 a.m. ET on Thursday.
The company, which has more than 118,000 charging locations in North America and Europe, increased revenue to $ 225 million to $ 235 million for the fiscal year ending January 2022, compared to its previous forecast from 195 to 205 million dollars.
He made the move after revenue rose 61% to $ 56.1 million in the quarter ended July 31, from $ 35 million a year earlier. Analysts polled by FactSet were expecting $ 41.9 million. Sales growth was significant in North America and Europe across commercial, fleet and residential channels, he said, and during the quarter the company began charging integration with Mercedes.
“Commercial customers of all types are investing in billing their consumers, employees and visitors and the demand for residential products has increased as vehicle arrivals accelerate,” the company said in its earnings report. For the third quarter, he expects sales of $ 60 million to $ 65 million.
It posted a loss of $ 0.29 per share in the second quarter, which was larger than the expected loss of $ 0.13 per share.
The ChargePoint report comes as US President Joe Biden aims for half of all new vehicles sold in 2030 to be zero-emission vehicles, including battery-electric cars and plug-in hybrids.
ChargePoint shares in mid-January hit a high of $ 46.30, but have since fallen, taking the loss to date to around 22%.