CHPT - Why ChargePoint Stock Jumped 11% on Thursday
2023-12-07 13:11:28 ET
ChargePoint (NYSE: CHPT) stock ran ahead 11% through 11:40 a.m. ET on Thursday despite reporting disappointing earnings (losses, actually) last night, and a big miss on sales to boot.
Now, heading into fiscal Q3 2024, analysts had forecast that the provider of charging services for electric cars would lose $0.22 per share on sales of $122.4 million -- so Wall Street already wasn't feeling particularly optimistic about the quarter. And yet ChargePoint still managed to disappoint, reporting losses last night nearly twice as big as feared ($0.43 per share), as well as sales of only $110.3 million.
Those sales fell 10% year over year, by the way -- moving in the opposite direction from what you'd expect from a growth stock . Similarly, gross profit margins got worse, declining four full percentage points from a year ago, to -22%.
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Why ChargePoint Stock Jumped 11% on Thursday