CHPT - This Latest News Could Spell Trouble for ChargePoint Stock Investors
2023-12-07 08:19:00 ET
Electric vehicle (EV) charging network company ChargePoint Holdings (NYSE: CHPT) warned investors in mid-November that its fiscal 2024 third-quarter earnings would be disappointing. That earnings report was just released, and the results were as advertised.
To make the situation seem even more concerning, ChargePoint also replaced its CEO last month, making this the first quarterly report with new CEO Rick Wilmer at the helm. The quarterly results for the period ended Oct. 31 were in line with what ChargePoint pre-announced about three weeks ago.
ChargePoint reported a 12% year-over-year decline in revenue and hit the middle of the range it provided in its recent pre-release. That helps explain why the stock didn't react strongly to the news. But the $110 million in quarterly revenue was also a sharp sequential decline from the $150 million reported in the prior quarter. The annual and sequential drops in sales represent a major step back for the largest EV charging network, not named Tesla .
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This Latest News Could Spell Trouble for ChargePoint Stock Investors